Auto seating and electrical specialist Lear Corporation has announced Matt Simoncini will retire as president, CEO and director on 28 February, 2018, replaced by Ray Scott (52), currently an executive vice president and president of seating. Simoncini's will remain in an advisory role until the end of 2018.

"Ray is the perfect choice to succeed Matt, having successfully led both of Lear's business segments. Ray was instrumental in developing Lear's strategy which has re-focused our E-systems business for profitable growth and transformed the sSeating business into a world leader," said Henry Wallace, non-executive chairman.

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"Thanks to Matt's exceptional leadership, the company has achieved industry-leading financial results and the best total shareholder returns among its peers. He has also assembled the best management team in the industry. In all regards, the company has never been in a stronger competitive position," Wallace added.

"Lear is an outstanding company with a history of industry leadership, and I am honoured to have been appointed as president and CEO," said Scott.

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