Power Electronics

Johnston becomes Visteon chairman

Michael F. Johnston, president and chief executive officer of Visteon Corp., has been named chairman of the board, replacing Peter J. Pestillo, who is retiring. The firm named Donald J. Stebbins president and chief operating officer. Stebbins joins Visteon from Lear Corporation, where he had been president and chief operating officer of Lear’s operations in Europe, Asia and Africa.

Separately, Visteon received an amendment to terms of its $1.6 billion credit facilities. Lenders are allowing the firm to postpone delivery of its Q1 financial statements until July 29. The firm earlier said it would delay filing its 10Q quarterly report due to errors in its accruals for freight expenses and materials surcharges. Approximately $13 million in freight expenses were payable for services rendered in 2004 and $18 million in surcharges on raw materials were incurred in 2004.

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