Lear CEO Simoncini Retires
Matt Simoncini, who has led Lear Corp. as president and CEO for the past six years, is leaving the Southfield, Mich.-based auto interiors supplier at the end of February.
An avid Detroit booster, the outspoken Simoncini is widely considered likely to turn to politics and perhaps run for governor of Michigan. He also has extensive ties with several Detroit economic and civic groups.
The 56-year-old executive tells Crain’s Detroit Business his decision to retire was personal and “part of a succession plan.” He will be replaced by Ray Scott, 52, who currently is president of Lear’s seating business, but will continue as an advisor through 2018.
Simoncini joined Lear in 1999 when the company acquired United Technologies Automotive, where he was director of global financial planning and analysis. As Lear’s chief financial officer, he played a central role in creating and building creditor support for a prepackaged revival plan after Lear filed for bankruptcy in 2009. Since then the company’s stock price has soared from 40 cents to more than $170.
Last year Lear’s net income jumped 31% to a record $975 billion. Reported earnings through the first three quarters of 2017 climbed 23% to $913 million.
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