Visteon says CEO Timothy Leuliette will retire in 2015 after the company finds a replacement

MarketsAssociated Press

Auto parts supplier Visteon said Monday that President and CEO Timothy Leuliette will step down this year.

Visteon said Leuliette, who is also a member of the board of directors, will step away from the company after a successor is appointed. The company said it has hired an executive search firm to find potential replacements.

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Leuliette, 65, was named interim president and CEO of the company in August 2012. Those appointments were made permanent the following month. Visteon said he helped streamline the company and hone its focus on electronics.

During Leuliette's tenure the company bought Johnson Controls' automotive electronics business and sold its lighting business and part of its global interiors business. In December Visteon agreed to sell most of its stake in Halla Visteon Climate Control Corp., which makes heating and air conditioning systems for vehicles, in a deal valued at $3.6 billion.

Shares of Visteon Corp. lost 94 cents to $97.59 in afternoon trading. The stock has risen 18 percent over the last 12 months.

The Van Buren Township, Michigan, company reported $7.51 billion in revenue in 2014. After the Halla Visteon Climate Control sale, it expects $3.2 billion to $3.4 billion in sales from its other businesses in 2015.