Lear Announces Departure of Executive Vice President and Chief Financial Officer, David C. Wajsgras
SOUTHFIELD, Mich., Feb. 22 /PRNewswire-FirstCall/
-- Lear Corporation (NYSE: LEA) today announced that David C. Wajsgras
will resign as executive vice president and chief financial officer of
the company to become senior vice president and chief financial officer
of Raytheon Company (NYSE: RTN), a leading provider of innovative
defense and aerospace systems. Wajsgras' resignation is effective March
Wajsgras joined Lear in September 1999 as vice president -
controller. He was promoted to senior vice president and chief
financial officer in January 2002 and executive vice president in August
2005. Wajsgras was also responsible for Lear's Interior Systems
"While we are disappointed over Dave's departure, we respect his
desire to accept new challenges and appreciate his years of exceptional
leadership and dedicated service to Lear," said Robert Rossiter, Lear's
chairman and chief executive officer.
Lear will begin the search for a successor to Wajsgras immediately.
James H. Vandenberghe, vice chairman of Lear, will serve as interim
chief financial officer until Lear names a replacement for Wajsgras.
"Our company is fortunate to have in place, one of the strongest
financial teams in the industry, including Jim, who previously served as
Lear's chief financial officer and has more than 30 years of industry
experience," Rossiter added.
Wajsgras' responsibilities with respect to Lear's Interior Systems
Division will be assumed by Douglas G. DelGrosso, president and chief
Lear Corporation is one of the world's largest suppliers of
automotive interior systems and components. Lear provides complete seat
systems, electronic products and electrical distribution systems and
other interior products. With annual net sales of $17.1 billion, Lear
ranks #127 among the Fortune 500. The company's world-class products
are designed, engineered and manufactured by a diverse team of 115,000
employees at 286 locations in 34 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/ .
First Call Analyst: Anne Bork
SOURCE: Lear Corporation
CONTACT: Investor Relations: Mel Stephens, +1-248-447-1624, or Media:
Andrea Puchalsky, +1-248-447-1651, both of Lear Corporation
Web site: http://www.lear.com/
Company News On-Call: http://www.prnewswire.com/comp/518304.html
Posted on 2/22/2006