By Dustin Walsh, Crain's Detroit Business
Detroit -- Visteon Corp.'s transformation from a Ford parts supplier to most likely an Asian company took another twist last week.
Visteon removed Don Stebbins, 54 as ceo, and replaced him on an interim basis with former Dura Automotive ceo and current Visteon board member Tim Leuliette, 62.
The shake-up is happening amid rumours that Korean supplier Mando Corp. may try to acquire Visteon's lucrative climate control business. The rumours helped fuel a rally in Visteon stock.
If Mando makes an offer for the climate business and the Visteon board decides to sell, Visteon will be left with a near $2 billion-a-year interiors business after it terminated an agreement to sell the remainder of its interiors business to its China joint venture Yanfeng Visteon Automotive Trim Systems Co. The company originally announced the deal last November.
It's unclear what would then happen with the interiors business, but it may leave an open window for competitors such as Johnson Controls Inc., Magna International Inc. or Lear Corp.
JCI offered $1.25 billion to acquire Visteon out of bankruptcy in May 2010, but the deal was immediately rejected by Visteon management.
(See a longer version of this story on Crain's Detroit Business www.crainsdetroit.com)