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Lear chairman, CEO becomes president of auto parts supplier

Lear chairman, CEO becomes president of auto parts supplier

Lear Corp. Chairman and Chief Executive Officer Bob Rossiter has assumed the additional role of president as part of the auto parts supplier's ongoing restructuring, the company said Tuesday.
Rossiter replaces Doug DelGrosso, who had been president and chief operating officer since May 2005. DelGrosso reached an agreement with Lear to leave, the company said.
Now that Lear has completed the divestiture of its European interiors business, Rossiter said he intends to focus on growth in the company's core seating, electrical and electronics businesses.
"I take ultimate responsibility for Lear's success or failure," Rossiter said in a statement. "I now believe it makes sense for me to assume control of the day-to-day operations to shorten the lines of communication and speed up the decision making."
Lear shareholders last month rejected a $2.9 billion (euro2.13 billion) offer from billionaire investor Carl Icahn's American Real Estate Partners LP. The bid _ initially announced in February at $2.8 billion _ was supported by Rossiter but criticized by some shareholders who believed the company was worth more than what Icahn was offering.
Rossiter did not discuss the Icahn bid in his statement Tuesday.
Lear earned $123.6 million (euro90.9 million), or $1.58 per share, in the three months ended June 30, versus a loss of $6.4 million, or 10 cents per share, a year ago.
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On the Net:
http://www.lear.com


Updated : 2021-10-17 10:43 GMT+08:00