Timothy Leuliette, president and CEO of Van Buren Township-based auto supplier Visteon Corp., said Monday he will stop down by the end of 2015 after his successor is found.
The company — whose offerings include infotainment systems, instrument clusters and climate control systems — hired executive search firm Spencer Stuart to find a candidate to replace Leuliette.
“It has been an honor and a privilege to lead Visteon through our dramatic changes,” Leuliette said in a statement. “Given the excellent progress we have made to focus and streamline the company, including the pending sale of our 70 percent ownership stake in (Halla Visteon Climate Control Corp.), I believe now is the right time to transition to the next generation of leadership.”
Visteon made a number of deals under Leuliette, who took over in October 2012. It acquired the electronics business of Johnson Controls and Cooper Standard’s thermal and emissions product lines, sold various lighting and interiors divisions, and merged other business units during his tenure.
Visteon employs more than 26,000 people and operates in 28 countries, according to its website.
In the past 12 months, Visteon stock has risen 18 percent. Shares fell 0.84 percent Monday to $97.70 per share on news of Leuliette’s move.
The company — once a unit of Ford Motor Co. — became independent in 2000. It struggled early on and filed for bankruptcy protection in 2009. It emerged from bankruptcy in 2010.