Lear Corp., a global automotive technology leader in seating and e-systems, has been named to FORTUNE magazine’s “World’s Most Admired Companies” list for the fifth consecutive year.
Lear was awarded fourth place overall in the Motor Vehicle Parts category – the highest ranking for a U.S.-based automotive supplier.
“Receiving this accolade once again is a tremendous tribute to our diverse team and inclusive culture,” said Ray Scott, Lear President and CEO. “Their commitment to operational excellence, bringing innovative solutions to our customers and fostering an inclusive culture are the reasons for our success. We pride ourselves on working as a team, understanding our customers’ needs, supporting local communities and driving long-term profitable growth.”
In 2020, Lear took several actions to support these objectives, including:
- Creating the Safe Work Playbook in response to the COVID-19 pandemic. Lear shared the 80-plus page document publicly to help other companies reestablish a workplace where employees feel comfortable performing their jobs safely, resulting in more than 35,000 downloads;
- Adding production capacity to produce more than 10 million face masks for first responders, front line workers, non-profits, local communities and its employees;
- Announcing several new environmental goals, including aspiring to achieve net zero carbon emissions by 2050, and planning to use 100% renewable energy at the company’s manufacturing facilities while reducing carbon emissions by 50% by 2030;
- Joining the United Nations Global Compact, the world’s largest corporate responsibility initiative;
- Being honored as a diversity-focused company by Corp!Magazine;
- Receiving two J.D. Power 2020 U.S. Seat Quality and Satisfaction Study awards, sweeping the mass market car categories; and
- Winning an Automotive News 2020 PACE Award for the innovative in-vehicle commerce platform Xevo Market.
In collaboration with global management consulting firm Korn Ferry, FORTUNE compiled its annual list after surveying 3,820 executives, directors, and analysts from 670 global companies in 52 industry groups about corporate reputation.
Respondents ranked the reputations of companies based on nine factors, including management and leadership quality, product and service quality, innovation, social responsibility, global competitiveness and value as a long-term investment.