FORM CORRESP
January 8, 2009
Via EDGAR and Overnight Delivery
Securities and Exchange Commission
Division of Corporate Finance
100 F Street, N.E., Mail Stop 3561
Washington, DC 20549
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Attention:
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Mr. Daniel Morris |
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Re:
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Visteon Corporation |
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File Number. 1-15827 |
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Form 10-K for the fiscal year ended December 31, 2007
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Schedule 14 filed 3/31/2008 |
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Dear Mr. Morris:
This letter is in response to your comment letter dated November 26, 2008 directed to Mr. Michael
F. Johnston, the former Chief Executive Officer of Visteon Corporation (the Company). We
appreciate your cooperation in allowing us additional time to respond to your letter. Your
comments are reproduced below in bold italics, followed in each case by the Companys response.
Form 10-K
Item 11. Executive Compensation, page 132
1. While we note that you have included executive compensation disclosure under Item 9B of your
Form 10-K, you have not cross-referenced to that disclosure. In future filings, please provide all
relevant cross-references in this section.
The executive compensation information disclosed under Item 9B of the Companys 10-K was intended
primarily to satisfy the requirements of Item 5.02(e) of Form 8-K relating to new executive
incentive awards for 2008 and future plan periods and do not relate to 2007, which is the required
focus of Item 11 of Form 10-K. However, in future filings, we will evaluate and provide any
relevant cross-references between these sections.
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Schedule 14A
Executive Compensation, page 12
2. We note your disclosure in this section and under Other Information in Item 9B of the Form
10-K. We note that you have not disclosed all performance targets for 2007 in your Compensation
Discussion & Analysis. While it appears that you have provided certain targets in the narrative
following the Grants of Plan-Based Awards Table, please note all targets must be disclosed and
discussed in the Compensation Discussion & Analysis section. Please confirm that you will comply
with this comment in future filings.
We confirm that we will comply with your comment in future filings (except to the extent that
Visteon has a permissible basis to exclude the disclosure of a performance target level, such as
pursuant to Instruction 4 to Item 402(b) of Regulation S-K). In order to avoid duplication and to
maintain the summary nature of the Compensation Discussion & Analysis section, we disclosed the
nature and rationale of the performance measures in Compensation Discussion & Analysis section and
cross-referenced to the disclosure of the more specific target levels included elsewhere in the
filing.
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We acknowledge the following:
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The Company is responsible for the adequacy and accuracy of the disclosure in the
filing; |
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Staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filing; and |
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The company may not assert staff comments as a defense in any proceeding initiated by
the Commission or any person under the federal securities laws of the United States. |
If you have further questions regarding accounting matters discussed in this letter, you may
contact Peter Ziparo at (734) 710-5266 or me at (734) 710-7130.
Very truly yours,
/s/ John Donofrio
John Donofrio
Senior Vice President and General Counsel
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