Lear Elects Matt Simoncini Chief Executive Officer; Bob Rossiter to Step Down as CEO After 40 Years of Service

Lear Corporation LEA today announced that Matt Simoncini (50), senior vice president and chief financial officer, has been elected chief executive officer and president effective September 1, 2011. Mr. Simoncini will also join Lear's Board of Directors on September 1, 2011. Mr. Simoncini will succeed Bob Rossiter (65), who will step down as CEO, president and a director of Lear on September 1, 2011 and remain in an advisory role until May 2012 to assist with the transition. "Bob has been an exceptional leader and a driving force in building Lear Corporation into a world-class global enterprise with nearly $14 billion in annual sales and 200 facilities in 35 countries supported by 93,000 employees. Bob fostered a culture of the highest business integrity, industry leading customer service and support of the communities where Lear does business. On behalf of Lear's Board of Directors and its customers, suppliers, employees and shareholders, I want to sincerely thank Bob for his dedicated service," said Henry D. G. Wallace, non-executive chairman.