Financial Accounting Blog

Saturday, November 29, 2003

Visteon falls after CFO-elect quits. Shares drop sharply after George Strickler, set to assume CFO slot Monday, turns down the job. Shares of auto parts supplier Visteon Corp. were down about 5 percent on Friday after the company's pick for chief financial officer, George Strickler, declined to take the job, citing personal reasons.
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.