Visteon names infotainment exec as new CEO
Harmon International Industries executive Sachin Lawande takes over after Visteon's CEO earlier announced plans to leave.
Global auto supplier Visteon today named infotainment industry executive Sachin Lawande as its new CEO.
Lawande succeeds Timothy Leuliette, who had announced his plans to retire in March.
Lawande most recently served as president of the $3 billion infotainment division at Harmon International Industries.
"After a thorough evaluation of potential candidates, we are confident that we have found in Sachin the perfect individual to lead and transform our company to achieve further success in the rapidly evolving automotive electronics market," Visteon chairman Francis M. Scricco said in a statement.
The appointment underscores the importance of the connected car to Visteon's financial future.
"We view this as positive news as Mr. Lawande is highly regarded and experienced in the verticals necessary to lead Visteon's next era as a pure-play car-of-the-future electronics and connected car supplier," Citi auto analyst Itay Michaeli said in a note to investors.
The company, which has more than 12,000 employees in 21 countries, had $7.5 billion in revenue in 2014.
"Electronics and software are more important to the automotive industry than ever before, and the newly transformed Visteon is in an ideal position to emerge as the innovation and technology leader in this space to continue to deliver value for customers and shareholders," Lawande, 48, said.
The appointment is effective June 29.
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