Lear Corp. Names New CEO, President and Director

Lear Corp.(NYSE:LEA) named Matt Simoncini as CEO, president and director of the company, effective September 1. He will succeed Bob Rosstier, who will stay part of the advisory role until May 2012 to help with the transition. Prior to the position, Simoncini served as the company's CFO. Henry D. G. Wallace, non-executive chairman said, "Matt has worked at Lear and its predecessor companies for 15 years in positions of increasing responsibility, including a tour of duty in Europe. He is passionate about the business and he is an inspirational leader. Matt is very knowledgeable about Lear's global operations, customers, products and employees, and he exemplifies the Company's core values of integrity, quality and customer service. He successfully led the Company's financial restructuring and has been instrumental in repositioning Lear for long-term success. Matt has been an exceptional chief financial officer, has led the Company's strategic planning efforts and he is now ready to assume the role as chief executive officer." Lear (NYSE:LEA) has a potential upside of 56.9% based on a current price of $43.16 and an average consensus analyst price target of $67.7.