Lear Corp., a leading global supplier of automotive seating and electrical systems, has announced that Matt Simoncini has elected to retire as president, CEO and a director of Lear Corp., effective Feb. 28, 2018. Upon Simoncini’s retirement, Ray Scott, executive vice president and president of seating, will be appointed president and CEO, as well as a member of Lear’s board of directors. To assist in the transition following 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 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.”
“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. 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 CEO,” added 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,” said Scott.
