Visteon Stock Falls After CFO-Elect Quits

Shares in Visteon dropped sharply after George Strickler, set to assume CFO slot Monday, turned down the job citing personal reasons.
Shares of the auto parts supplier Visteon Corp. were down about 5% on Friday.
Strickler, who had been CFO at BorgWarner Inc., was scheduled to take over as Visteon’s CFO from Daniel Coulson Monday. Visteon said Wednesday that Coulson would remain in the job on a temporary basis and the company would restart its search for a new CFO.
Analysts had hailed Strickler’s appointment as a sign that Visteon might intensify its cost-cutting efforts. Since its spinoff from Ford Motor Co.in 2000, Visteon has been in a near-constant state of restructuring, facing pricing pressure from Ford and stiff competition for new business from lower-cost suppliers. Share price had risen at the announcement Strickler was to take on the role.