4 members of Visteon’s board will not seek re-election
DETROIT -- Four Visteon Corp. board members will not seek re-election at the company’s annual meeting in June, according to a filing with the U.S. Securities and Exchange Commission.
Not seeking re-election are Phillippe Guillemot, 52, former CEO of Paris-based Europcar Groupe SA; Herbert Henkel, 63, former chairman and CEO of Ireland-based Ingersoll-Rand plc; Mark Hogan, 60, president of Bloomfield Hills-based Dewey Investments LLC; and, Karl Krapek, 63, former president and CEO of Hartford, Conn.-based United Technologies Corp.
Seven current members are seeking re-election, including Don Stebbins, 54, chairman and CEO of the former Ford Motor Co. parts unit in suburban Detroit.
Also seeking re-election are Kevin Dowd, chairman and managing member of New York-based Berkeley Square Advisors LLC, and Harry Wilson, CEO of Scarsdale, N.Y.-based Maeva Advisors LLC and a former senior adviser to President Barack Obama’s automotive task force.
Dowd and Wilson were both nominated for the board last year as part of a compromise between Visteon management and one its largest shareholders, Cayman Islands-based Alden Global Capital.
Squabbling between management and Alden over the company’s direction almost led to a proxy fight and did result in the resignation of board member William Redmond Jr. in May 2011.
Visteon completed two major deals this month. It sold its lighting business unit to India-based supplier Varroc Group for $92 million and its Grace Lake Corporate Center headquarters to the New York City real estate firm Sovereign Partners LLC for $81.1 million.
Visteon generated net income of $80 million on revenue of $8 billion in 2011.