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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)
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Delaware
(State or other jurisdiction of
incorporation)
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1-11311
(Commission File Number)
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13-3386776
(IRS Employer Identification Number) |
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21557 Telegraph Road, Southfield, MI
(Address of principal executive offices)
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48033
(Zip Code) |
(248) 447-1500
(Registrants 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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section 5 Corporate Governance and Management
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Item 5.02 |
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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 Lears 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 Lears North American Customer Group; President of Lears
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 Lears 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 Lears 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
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Item 7.01 |
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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
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Item 9.01 |
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Financial Statements and Exhibits |
(d) Exhibits:
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Exhibit Number |
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Exhibit Description |
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99.1 |
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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.
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LEAR CORPORATION,
a Delaware corporation
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Date: February 11, 2008 |
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/s/ Terrence B. Larkin
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Name: |
Terrence B. Larkin |
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Title: |
Senior Vice President,
General Counsel and
Corporate Secretary |
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EXHIBIT INDEX
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Exhibit Number |
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Exhibit Description |
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99.1 |
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Press release dated February 11, 2008 |
exv99w1
Exhibit 99.1
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
Lears 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 Lears North American Customer Group; president of Lears
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 Universitys
Advanced Management Program.
Most recently, Salvatore was senior vice president and president of Lears 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 Lears DaimlerChrysler and Ford business units as well
as president of Lears 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 worlds largest suppliers of automotive seating systems,
electrical distribution systems and electronics products. The Companys world-class products are
designed, engineered and manufactured by a diverse team of 91,000 employees at 215 facilities in 34
countries. Lears 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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