SOUTHFIELD, Mich., Nov. 16, 2017 /PRNewswire/ -- Lear
Corporation (NYSE: LEA), a leading global supplier of automotive
seating and electrical systems, today announced that Matt Simoncini has elected to retire as
president, CEO and a director of Lear Corporation effective
February 28, 2018. Upon Mr.
Simoncini's retirement, Ray Scott
(52), executive vice president and president of Seating, will be
appointed president and chief executive officer as well as a member
of Lear's Board of Directors. To assist in the transition
following Matt Simoncini's
retirement, he has agreed to remain with Lear in an advisory role
through the end of 2018.
"Ray is the perfect choice to succeed Matt, having successfully
led both of Lear's business segments. Ray was instrumental in
developing Lear's strategy which has re-focused our E-Systems
business for profitable growth and transformed the Seating business
into a world leader. The Board looks forward to a very smooth
CEO transition, and to continued operational and financial success
under Ray's leadership," said Henry D. G.
Wallace, non-executive chairman.
"Thanks to Matt's exceptional leadership, the Company has
achieved industry-leading financial results and the best total
shareholder returns among its peers. He has also assembled
the best management team in the industry. In all regards, the
Company has never been in a stronger competitive position. On
behalf of Lear's Board of Directors, I want to sincerely thank Matt
for his dedicated service," Wallace continued.
"It has been an honor to serve and lead this great
company. I am extremely proud of everything we have
accomplished together. Given Ray's extensive leadership experience
and the overall strength of the Lear management team, now is the
perfect time to implement our succession plan. I am confident
that the Company's best days are in front of us under Ray's
leadership," said Matt
Simoncini.
"Ray has worked at Lear for 29 years in positions of increasing
responsibility, including a tour of duty in Europe (biography and picture are
attached). He is passionate about the business and is an
inspirational leader. Ray is very knowledgeable about Lear's
global operations, customers, products and employees, and he
exemplifies the Company's core values of integrity, diversity,
quality, innovation, operational excellence and customer
service. He has successfully led both the Company's business
segments, and has been instrumental in positioning the Company's
product portfolio for long-term success. The Board has full
confidence that Ray is ready to assume the role as president and
chief executive officer," added Mr. Wallace.
"Lear is an outstanding company with a history of industry
leadership, and I am honored to have been appointed as president
and CEO. With a low-cost manufacturing and engineering
footprint, unique product capabilities in both segments and
significant financial resources, Lear is extremely well positioned
for future profitable growth. I look forward to continuing to
deliver superior quality and customer service and to sustaining
Lear's positive momentum," commented Mr. Scott.
Lear Corporation was founded in Detroit in 1917 as American Metal
Products. In 2017, the Company is celebrating its 100th year
anniversary. Lear is one of the world's leading suppliers of
automotive seating systems and electrical systems
(E-Systems). Lear serves every major automaker in the world,
and Lear content can be found on more than 400 vehicle
nameplates. Lear's world-class products are designed,
engineered and manufactured by a diverse team of approximately
156,000 employees located in 38 countries. Lear currently
ranks #151 on the Fortune 500. Lear's headquarters are in
Southfield, Michigan.
Further information about Lear is available at lear.com or follow
us on Twitter @LearCorporation.
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SOURCE Lear Corporation