visteon corp (VC) Key Developments
Visteon Corp. to Close Holland Facility
Jul 9 15
Visteon Corp. will close one of its facilities on the state's west side. In a Worker Adjustment and Retraining Notification filed with the state on June 30, Visteon said the closure will affect 151 employees at the Holland facility beginning Sept. 1. Due to loss of customer business and competitive pressures to consolidate business operations, Visteon Corporation will permanently close facility located at 915 E. 32nd St. in Holland, Michigan. The list of affected employees includes 31 software development engineers, 20 electrical design engineers, 17 program managers and many other engineers, financial analysts, designers and administrative staffers. The employees do not have union bumping rights. They will be separated in phases as work is transferred, with terminations expected to happen between Sept. 1 and Dec. 31.
Visteon Corporation Announces Termination of Martin T. Thall as Executive Vice President and President
Jun 30 15
On June 28, 2015, Visteon Corporation terminated the employment of Mr. Martin T. Thall, the Executive Vice President and President, Electronics Product Group, effective as of July 1, 2015. In connection with Mr. Thall's termination of employment, the Company and Mr. Thall entered into a Separation Agreement (the Separation Agreement) dated June 28, 2015.
Visteon Corporation Announces Executive Changes
Jun 15 15
On June 11, 2015, Visteon Corporation approved the departure from the company of Mr. Michael J. Widgren, the Senior Vice President, Corporate Controller and Chief Accounting Officer, effective as of June 12, 2015. On June 11, 2015, the company appointed Ms. Stephanie Marianos as the Chief Accounting Officer of the company effective as of June 11, 2015. Stephanie S Marianos has been Visteon’s Chief Accounting Officer since June 11, 2015 and Assistant Corporate Controller since July 2014. Before joining Visteon, she was an independent accounting consultant serving manufacturing, insurance and health care companies.
Visteon Corporation Announces Management Changes
Jun 10 15
Visteon Corporation announced that Sachin Lawande has been appointed as President and Chief Executive Officer of Visteon, effective June 29, 2015, succeeding Timothy D. Leuliette. Lawande will also join Visteon's Board of Directors.
Visteon Corporation (NYSE:VC) mulls acquisition.
Jun 9 15
After completing sale of approximately 70% ownership interest in Halla Visteon Climate Control Corp. (HVCC), Visteon Corporation (NYSE:VC) expects a $500 million buyback in the form of an accelerated share repurchase by December 31, 2015. According to press release, after completing the capital return program, Visteon expects to be well-capitalized and well-positioned for both organic growth and value-accretive acquisitions.