DOW JONES NEWSWIRES 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
