DETROIT -- Michael Johnston, Visteon Corp.'s president and CEO, will soon add a third title after his name -- chairman of the board.
Johnston, 57, was elected board chairman, effective June 1, by the Visteon board of directors.
The board's announcement on Wednesday was overshadowed by Visteon's financial upheaval. Visteon shares fell as much as 17 percent Wednesday after the auto parts maker said it was investigating possible accounting errors and potential improper conduct by a former senior finance employee.
The company said it would delay its first quarter filing because of the investigation and warned it was too early to determine whether it would need to restate results.
Johnston replaces Chairman Peter Pestillo, 67, who will retire effective May 31, and depart from Visteon's board of directors. Pestillo has served as Visteon's chairman since January 2000.
"I wish I could leave the company in better condition, but I know I could not leave it in better hands," Pestillo said during Visteon's annual meeting of shareholders in Wilmington, Delaware.
"We believe Mike's drive to improve operational performance and his focus on customer service will move Visteon forward to future success," William Gray III, chairman of the board's corporate governance and nominating committee, said in a prepared statement.
Visteon was spun off by Ford Motor Co. in 2000, the year that Johnston joined the company as president and chief operating officer. Johnston was named Visteon's president and CEO in July.
He was elected to the board of directors in April 2002.
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