Lear Announces Appointment of Henry Wallace as Non-Executive Chairman

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Aug 12, 2010, 03:02 ET

SOUTHFIELD, Mich., Aug. 12 /PRNewswire-FirstCall/ -- Lear Corporation (NYSE: LEA) announced today that, as part of its ongoing review of its corporate governance practices, the Board of Directors has elected Henry D. G. Wallace as non-executive chairman of the Board of Directors, effective immediately. Robert E. Rossiter, Lear's current chairman, chief executive officer and president, will continue to serve as the Chief Executive Officer, President and as a director of Lear.

Henry has extensive automotive industry knowledge and experience. He worked at Ford Motor Company for 30 years until his retirement in 2001. At Ford, he held executive-level operations and financial oversight positions in North America, Europe, Latin America and Asia, including Group Vice President, Mazda and Asia-Pacific Operations and Chief Financial Officer. Henry also serves as a director of AMBAC Financial Group, Inc., Diebold, Inc. and Hayes Lemmerz International, Inc. Henry has served on the Lear board since February 2005, and most recently has served as Lear's presiding Director.

"Henry is extremely well suited for this role and I look forward to continue working closely with him and the board going forward," said Bob Rossiter, Lear chief executive officer and president.

Mr. Wallace commented, "I am pleased and honored to be appointed as non-executive chairman. This will permit Bob Rossiter to dedicate all of his time maintaining the positive operating momentum of the Company and continuing to profitably grow Lear's business worldwide."

About Lear Corporation

Lear Corporation is one of the world's leading suppliers of automotive seating and electrical Power Management systems. The Company's world-class products are designed, engineered and manufactured by a diverse team of 75,000 employees in 36 countries. Lear's headquarters are in Southfield, Michigan, and 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.

SOURCE Lear Corporation