e8vk
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 11, 2008
LEAR CORPORATION
(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction of
incorporation)
  1-11311
(Commission File Number)
  13-3386776
(IRS Employer Identification Number)
         
21557 Telegraph Road, Southfield, MI
(Address of principal executive offices)
      48033
(Zip Code)
(248) 447-1500
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Section 5 — Corporate Governance and Management
Item 5.02   Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
(c) On February 11, 2008, Lear Corporation (“Lear”) issued a press release announcing that Louis R. Salvatore has been appointed President, Global Seating Systems, and Raymond E. Scott has been named President, Global Electrical and Electronic Systems, both effective immediately. In their new roles, Mr. Salvatore and Mr. Scott will continue to report to Lear Chairman, Chief Executive Officer and President, Bob Rossiter.
Mr. Scott, 42, was previously Senior Vice President and President of Lear’s North American Seating Systems Group, a position he has held since August of 2006. Since joining Lear in 1988, he has held a series of increasingly responsible positions at Lear, both in Europe and in the U.S., including Senior Vice President and President of Lear’s North American Customer Group; President of Lear’s European Customer Focused Division; President of the General Motors and Fiat Customer Focused Divisions; Vice President and General Manager of Lear GM-Europe; and Vice President of Operations for Lear-Saab.
Mr. Salvatore, 52, was previously Senior Vice President and President of Lear’s Global Asian Operations/Customers, a position he has held since August 2005. He began his career with Lear in 1996 as Vice President of Global Purchasing and has held various positions of increasing responsibility including President — Global Ford Division, President — DaimlerChrysler Division and President of Lear’s North American Electrical/Electronic and Interior Divisions. Prior to joining Lear, Mr. Salvatore held a number of manufacturing, finance, engineering and purchasing roles during a 14-year career with Ford Motor Company.
Section 7 — Regulation FD
Item 7.01   — Regulation FD Disclosure
On February 11, 2008, Lear issued a press release related to the matters discussed above. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 9 — Financial Statements and Exhibits
Item 9.01   Financial Statements and Exhibits
(d) Exhibits:
         
Exhibit Number   Exhibit Description
       
 
  99.1    
Press release dated February 11, 2008

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SIGNATURE
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
  LEAR CORPORATION,
a Delaware corporation
 
 
Date: February 11, 2008  By:   /s/ Terrence B. Larkin    
    Name:   Terrence B. Larkin   
    Title:   Senior Vice President, General Counsel and
Corporate Secretary 
 
 

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EXHIBIT INDEX
         
Exhibit Number   Exhibit Description
       
 
  99.1    
Press release dated February 11, 2008

 

exv99w1
 

Exhibit 99.1
(LEAR CORPORATION LOGO)
FOR IMMEDIATE RELEASE
Contact:
Mel Stephens
(248) 447-1624
Lear Establishes Global Operating Structure
For Its Seating and Electrical and Electronic Businesses
Louis R. Salvatore to lead global Seating business and
Raymond E. Scott to lead global Electrical and Electronic business
     SOUTHFIELD, Mich., February 11, 2008 — Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating, electrical distribution systems and electronic products announced today that it is establishing a global operating structure for its two business groups. Accordingly, Louis R. Salvatore has been appointed president, Global Seating Systems, and Raymond E. Scott has been named president, Global Electrical and Electronic Systems.
     In their new roles, Salvatore and Scott will continue to report to Lear Chairman, Chief Executive Officer and President, Bob Rossiter. The appointments are effective immediately.
     “Over the past two years, we have made significant progress in streamlining our organization, restructuring our operations and increasing our focus on our seating and electrical and electronic businesses to improve our long-term competitiveness,” said Rossiter. “The next step to further strengthen and grow our Company is to establish global organizations for these core businesses. This new structure will best support the global strategies of our customers and allow us to take full advantage of our global scale, leverage our worldwide engineering and product development resources and access the lowest possible manufacturing and sourcing available.”
     Rossiter continued: “Ray and Lou each have the global operating experience, proven-track records of accomplishment and the outstanding leadership qualities I believe are necessary to execute our strategy and take our Company to the next level. I look forward to working with them as we continue to implement initiatives to further grow and diversify our sales, continue to improve our financial results and deliver the best possible value to our customers and our shareholders.”
     Prior to his current position, Ray Scott, age 42, was senior vice president and president of Lear’s North American Seating Systems, a position he has held since August of 2006. Since joining Lear in 1988, he has held a series of increasingly responsible positions at Lear, both in Europe and in the U.S., including president of Lear’s North American Customer Group; president of Lear’s European Customer Focused Division; president of the General Motors and Fiat Customer Focused Divisions; vice president and general manager of Lear GM-Europe; and vice president of Operations for Lear-Saab.
     Scott earned a Bachelor of Science degree in economics from the University of Michigan. He has also earned a master of business administration degree from Michigan State University’s Advanced Management Program.
     Most recently, Salvatore was senior vice president and president of Lear’s Asian Operations and Asian Customer Group, a position he has held since August 2005. He began his career with Lear in 1996 as vice president of Global Purchasing and has held various positions of increasing responsibility including president of both Lear’s DaimlerChrysler and Ford business units as well as president of Lear’s North American Electrical/Electronic and Interior Divisions.

 


 

     Before joining Lear, Salvatore, age 52, held a number of manufacturing, finance, engineering and purchasing roles during a 14-year career with Ford Motor Company. Lou received a Bachelor of Arts degree from Baldwin-Wallace College in Berea, Ohio and a master of business administration degree from Michigan State University in East Lansing, Mich. He also completed one year of post graduate work in international business at Michigan State University.
     Lear Corporation is one of the world’s largest suppliers of automotive seating systems, electrical distribution systems and electronics products. The Company’s world-class products are designed, engineered and manufactured by a diverse team of 91,000 employees at 215 facilities in 34 countries. Lear’s headquarters are in Southfield, Michigan. Lear is traded on the New York Stock Exchange under the symbol [LEA]. Further information about Lear is available on the Internet at http://www.lear.com.
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