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Lear CEO To Step Down

Chief executive Bob Rossiter will step down after a 40-year career with the auto supplier and Lear said its chief financial officer will take over.

SOUTHFIELD, Mich. (AP) -- The chief executive at Lear Corp. will step down after a 40-year career with the auto supplier and the company said Wednesday that its chief financial officer will take over.

Bob Rossiter, 65, will remain as an adviser until May to help with the transition for the Southfield, Mich. company.

Matt Simoncini, the auto supplier's senior vice president and CFO, will take over Rossiter's position on the board as well, effective Sept. 1.

Simoncini, 50, has worked for Lear and its predecessor companies for 15 years in positions of increasing responsibility, including as its vice president of finance for Europe.

Lear, which makes vehicle seats and electrical systems, is one of the world's largest auto suppliers with $14 billion in annual sales, 200 facilities in 35 countries and 93,000 employees.

It emerged from Chapter 11 bankruptcy protection in the fourth quarter of 2009, after spending four months under court protection and cutting debt by about $2.8 billion.

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