Lear CEO Matt Simoncini hands over to Ray Scott

  • After about six years and a half in the position
  • Accolades, praise and thanks for Simoncini
  • Simoncini said 62 words

(exechange) — Southfield, Michigan, November 16, 2017 — Matt Simoncini, chief executive of Lear, hands over the reins. As announced by Lear Corporation in a news release and in a regulatory filing published on Thursday, November 16, 2017, Matthew J. (Matt) Simoncini leaves the post as Chief Executive Officer at the supplier of automotive seating and electrical systems after about six years and a half in the position, effective February 28, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.7 years, according to data compiled by exechange.

Simoncini’s duties are taken over by Ray Scott, currently executive vice president and president of Seating at Lear Corporation.

“Now is the perfect time to implement our succession plan”

Simoncini’s departure from the post of CEO is explained as follows. Matt Simoncini said: “Given Ray’s extensive leadership experience and the overall strength of the Lear management team, now is the perfect time to implement our succession plan.”

Precise information about the future plans of Simoncini was not immediately available.

“Retire/resignation”

Lear said: “Matt Simoncini has elected to retire as president, CEO and a director of Lear Corporation effective February 28, 2018.”

Lear further said: “Matthew J. Simoncini tendered to the Board of Directors of the Company … on November 15, 2017 written notice of his resignation as President and Chief Executive Officer of the Company and as a member of the Board, effective February 28, 2018.”

Share price rise since September 2012

The change follows a rise in the share price of Lear Corporation since September 2012.

Chaired by Henry D. G. Wallace

Lear Corporation is chaired by Henry D. G. Wallace.

Wallace has served as the Company’s Non-Executive Chairman since August 2010 and has been a director of the Company since February 2005.

In the position of CEO since 2011

Simoncini has served as President, Chief Executive Officer and a director of the Company since September 2011.

In this role, Simoncini is responsible for the strategic direction and operational leadership of the Company.

Formerly, Simoncini was Senior Vice President and Chief Financial Officer of the Company, a role he had held since September 2007.

As Senior Vice President and Chief Financial Officer, he was responsible for the Company’s Global Finance operations, including external Financial Reporting, Corporate Business Planning & Analysis, Corporate Strategy and Business Development as well as Information Technology activities worldwide.

In August 2006, Simoncini was named Senior Vice President of Finance and Chief Accounting Officer where he was responsible for the Company’s worldwide operational finance, accounting and financial reporting.

Prior to that, he was vice president of Operational Finance, a position he had held since June 2004. Simoncini also served as the Company’s Vice President of Finance — Europe as well as held the Vice President of Finance position for the Company’s Electrical & Electronics business and DaimlerChrysler division. Simoncini joined United Technologies Automotive (“UTA”) in April 1996 as director of Finance for the Motors Division with responsibility for the financial activities of the business unit.

At the time of the Company’s acquisition of UTA in May 1999, Simoncini was director of Global Financial Planning & Analysis. Previous to UTA, Simoncini held financial and manufacturing positions with Varity Kelsey Hayes and Horizon Enterprises including Chief Financial Officer of Kelsey Hayes’ European Operations.

Simoncini began his career at Touche Ross and is a certified public accountant. Born and raised in Detroit, Simoncini earned a bachelor’s degree from Wayne State University.

In addition to his responsibilities at Lear, he is a member of the board of directors for the Wayne State University Foundation, Detroit Economic Club, Business Leaders of Michigan, Michigan Opera Theatre, Downtown Detroit Partnership, Bing Youth Institute and the Detroit Mayor’s Workforce Development Board.

To assist in the transition following Matt Simoncini’s retirement, he has agreed to remain with Lear in an advisory role through the end of 2018.

Simoncini will continue to serve as a non-executive employee of the Company, in a transition and advisory role, until his retirement from the Company on January 4, 2019.

Read the full story in the exechange report 47.2017 ($).