DETROIT -- Financially strapped Visteon Corp. is losing another key executive.
Thomas Burke, 48, vice president of North American manufacturing, will depart Visteon at the end of May.
Burke is the latest executive to depart the struggling Van Buren Township, Mich. supplier. James Orchard, president of North American operations, was terminated in April.
The management team at Visteon is being reshaped as the company works to retool its 2000 separation agreement with former owner Ford Motor Co. The two companies have agreed to place 13 factories in a limited liability holding company to be controlled by Ford, Reuters reported on Tuesday.
Donald Stebbins, formerly president and chief operating officer of Lear Corp. in Europe, has been named Visteon's president.
Stebbins will get an annual salary of $850,000, a $3 million signing bonus and a guaranteed cash bonus of $807,500, according to a Visteon filing with the U.S. Securities and Exchange Commission.
Visteon is ranked No. 2 on the Automotive News list of top 150 original equipment suppliers to North America, with original equipment sales of $11.33 billion in 2004.
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