Visteon CFO Welch resigns
DETROIT -- Supplier Visteon Corp. announced the resignation of Executive Vice President and CFO Martin Welch.
The resignation was involuntary, a company spokesman said.
Welch will be replaced on an interim basis by Michael Widgren, who has served as Visteon's vice president, corporate controller and chief accounting officer since May 2007.
Welch, a former CFO for Kmart Corp. and Federal-Mogul Corp., joined Visteon on Oct. 31, 2011, after the firing of William Quigley III.
Widgren joined Visteon in 2005 as an assistant controller. Prior, he was chief accounting officer for Federal-Mogul.
The move comes less than two months after Visteon parted ways with CEO Don Stebbins in August. Relations between Stebbins and the board became contentious over a plan to break up and sell large stakes of the auto supplier -- a move Stebbins opposed.
Board member Tim Leuliette replaced Stebbins as president and CEO.
On Sept. 19, Leuliette confirmed a plan to sell Visteon's standalone climate control business to its Halla Climate Control Corp. joint venture, in which Visteon owns 70 percent, for cash. Visteon also said it will sell its stake in the Chinese joint venture Yanfeng Visteon Automotive Trim Systems Co.