CHICAGO (Reuters) -- Visteon Corp. said on Wednesday that it appointed Donald Stebbins as president and chief operating officer, effective May 23, sending Visteon's shares 11 percent higher.
The appointment of Stebbins, who comes to Visteon from interiors supplier Lear Corp., could be a sign that Visteon has nearly completed talks with Ford Motor Co. over a broad restructuring, Calyon Securities analyst Joseph Amaturo said in a research note.
Lear on Wednesday named Douglas DelGrosso as president and chief operating officer, effective immediately, to replace Stebbins.
Visteon has been in talks with former parent Ford since fall for what is expected to be extensive changes to their relationship. The companies reached a temporary deal for relief on wages, payments and capital spending in March.
"Given Visteon's current troubled state and the challenging environment it faces absent a deal with Ford, we see Stebbins' decision to take the helm at Visteon as a harbinger of good things to come," Amaturo said.
Stebbins was Lear's president and COO of operations in Europe, Asia and Africa.
"If Stebbins himself were not convinced a meaningful deal with Ford and major structural change at Visteon was imminent, we do not think he would have left his position at Lear," he said.