The Board of Directors of auto components manufacturer Visteon Corporation announced 28 June 2004 the appointment of Michael F. Johnston, 57, as chief executive officer and president, effective 1 July…
The Board of Directors of auto components manufacturer Visteon Corporation announced 28 June 2004 the appointment of Michael F. Johnston, 57, as chief executive officer and president, effective 1 July 2004. Peter J. Pestillo, 66, will continue as chairman of Visteon“s Board of Directors until 11 May 2005, the date of the company“s next annual shareholders meeting, when he plans to retire. Johnston“s move from president and chief operating officer to CEO and president is in keeping with the succession plan established when Johnston joined Visteon in 2000 and was subsequently elected to the Board of Directors in April 2002. Pestillo has been chairman and CEO of Visteon since 1 January 2000. “Mike Johnston has demonstrated the leadership and vision to elevate Visteon to the next level of performance expected of a pre-eminent automotive supplier,” said Pestillo. “His intense commitment to deliver results in terms of innovative products, superior quality and financial performance will serve all our stakeholders well. As Mike assumes the CEO role, I look forward to continuing our strong personal and professional relationship.” Johnston said, “I appreciate the support from the Visteon Board of Directors and the continued confidence they have in me to take this company forward. Visteon has never been in a stronger position than today to deliver value to our customers, employees and shareholders because of the solid foundation developed under Pete“s leadership. I am pleased to have the opportunity to continue working closely with Pete to continue building that foundation for future success.” With nearly three decades of experience in the automotive supplier and aerospace industries, Johnston has extensive expertise in manufacturing, product development, sales and customer relations. He has established a strong track record of delivering on business commitments and improving shareholder value. Prior to joining Visteon in September 2000, Johnston had been with Johnson Controls, Inc. since 1989 and held leadership positions of progressively increased responsibility.