Visteon Corp. has extended CEO Tim Leuliette’s employment contract through 2017, the company said today.
Leuliette, 64, will not receive any additional equity or incentives in his existing contract, set to end Dec. 31, 2015, Francis Scricco, Visteon’s chairman, said in the statement.
The pay details and terms of Leuliette’s renewed contract will be released by the company sometime in the next two days, Visteon spokesman Jim Fisher said. The company’s 2013 proxy statement valued Leuliette’s total compensation, including stock options and incentives, at $4.4 million.
Visteon, the onetime parts unit of Ford Motor Co., specializes in climate control, electronics and interior components.
Leuliette has been with Visteon since 2010, and has been the company’s president and CEO since October 2012, two months after he was appointed to the position on an interim basis. He succeeded Don Stebbins, who left following a disagreement with board members over the company’s strategic direction.
“I am honored and thrilled by the opportunity to continue elevating Visteon’s performance and leveraging the simplified, focused, globally competitive business we have shaped over the past 21 months,” Leuliette said in a statement today.