SOUTHFIELD, Mich. — Lear Corp. announced that, as part of its ongoing review of its corporate governance practices, the board of directors has elected Henry D. G. Wallace as non-executive chairman of the board of directors, effective immediately. Robert E. Rossiter, Lear’s current chairman, chief executive officer and president, will continue to serve as the chief executive officer, president and as a director of Lear.
Wallace has extensive automotive industry knowledge and experience. He worked at Ford Motor Co. for 30 years until his retirement in 2001. At Ford, he held executive-level operations and financial oversight positions in North America, Europe, Latin America and Asia, including group vice president, Mazda and Asia-Pacific operations and chief financial officer.
Wallace also serves as a director of AMBAC Financial Group, Inc., Diebold, Inc. and Hayes Lemmerz International, Inc. Wallace has served on the Lear board since February 2005 and most recently has served as Lear’s presiding Director.
"Henry is extremely well suited for this role, and I look forward to continue working closely with him and the board going forward," said Bob Rossiter, Lear chief executive officer and president.
"I am pleased and honored to be appointed as non-executive chairman," Wallace said. "This will permit Bob Rossiter to dedicate all of his time maintaining the positive operating momentum of the company and continuing to profitably grow Lear’s business worldwide."
