(Adds details, background, share price)
June 10 (Reuters) - Auto parts maker Visteon Corp named Sachin Lawande as its chief executive, a day after the company announced a $500 million accelerated share buyback plan.
Lawande, 48, takes the reins from Timothy Leuliette, who said in March he would step down by the end of the year as soon as a successor was named.
Leuliette led Visteon's restructuring over the past three years into a focused electronics company.
Lawande, whose appointment is effective June 29, most recently served as president of Harman International Industries Inc's infotainment division.
"Sachin's unique combination of experience in the automotive, technology and software industries will be critical as we seek to capitalize on the dynamic growth of the connected vehicle ecosystem," Visteon Chairman Francis Scricco said in a statement on Wednesday.
Visteon is among U.S. auto parts suppliers which have invested heavily in the so-called connected-vehicle technology to take on Google Inc and other Silicon Valley companies looking to muscle their way between automotive brands and their customers.
The Van Buren Township, Michigan-based company makes cockpit electronics products for autonomous vehicles.
Up to Tuesday's close of $109.97, Visteon's shares had risen about 3 pct this year, in line with the Dow Jones U.S. auto parts index. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Maju Samuel)