Lear Corp. (LEA) has named Matt Simoncini chief executive
officer, president and a director, effective Sept. 1.
Simoncini, 50 years old, will succeed outgoing Bob Rossiter, who
will remain in an advisory role until May 2012 to assist with the
transition. Rossiter stepped down as chairman of the board last
year.
Rossiter is credited with guiding the company through some of
its most turbulent times, including surviving a takeover attempt by
Carl Icahn and a bankruptcy filing in 2009.
Simoncini has served as chief financial officer of Lear, which
makes automotive seating systems and electrical systems, since
September 2007. Previously, he was the senior vice president of
global finance and chief accounting officer. He has worked at Lear
and its predecessor companies for 15 years.
The company cut its debt obligations and shed thousands of
workers while in bankruptcy, giving Lear an improved liquidity
position. Last week, Lear reported its second-quarter earnings grew
11% on higher sales across all regions, led by North America and
Asia.
Shares closed at $43.16 Tuesday and were inactive premarket.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com