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Newsroom Lear Corporation Announces Organizational Changes

Southfield, Mich., May 17, 2004 – The following organizational changes were recently approved by the Lear Corporation [NYSE: LEA] Board of Directors:

Effective August 1, 2004, Douglas DelGrosso is named president and chief operating officer of the Americas and Don Stebbins is named president and chief operating officer of Europe, Asia and Africa, exchanging assignments with one another in the two senior-most operational positions at Lear. Both DelGrosso and Stebbins will continue to report to Lear Chairman and CEO Bob Rossiter.

“Don and Doug have excelled in their current positions and their new responsibilities are consistent with development plans to provide both executives with global experience," said Lear Chairman and CEO Bob Rossiter.

“The changes we are announcing today are intended to provide key leaders with an opportunity to apply their experience and lessons learned in prior positions to other company divisions and geographic regions," Rossiter continued. “These developmental assignments are invaluable as we continue to build an enduring, customer-focused culture based on delivering the highest-quality products and services in the automotive industry."

Effective July, 1, 2004, Lou Salvatore, currently president of Lear's Ford and Electrical Systems Divisions, will assume the additional responsibility for the Interior Systems Division. Frank Sovis, currently president of Lear's Interior Systems Division, will replace Ray Scott as president of Lear's GM Division. Sovis and Salvatore will report to Stebbins until August 1 and DelGrosso thereafter.

Ray Scott is named president – European Customer Focused Division, reporting initially to DelGrosso until he is succeeded by Stebbins on August 1. In his new role, Scott will be responsible for Lear's European customer-focused divisions.

Effective June 1, 2004, Jeff Vanneste is named vice president, European Finance, exchanging assignments with Matt Simoncini who will return to the U.S. to assume Vanneste's position as vice president, Operational Finance.

Effective immediately, Art Kennedy is named vice president, Global Quality, reflecting Lear's unified approach around the world to enhance quality levels for its customers. Kennedy will report to both Doug DelGrosso and Don Stebbins, reflecting his global responsibilities.

“We are very fortunate at Lear to have a very deep pool of executive talent," continued Rossiter. “Each of the executives named today has a strong customer focus, a passion for improving quality and outstanding leadership skills."

Lear Corporation, a FORTUNE 500 company headquartered in Southfield, Michigan, USA, focuses on integrating complete automotive interiors, including seat systems, interior trim and electrical systems. With annual net sales of $15.75 billion in 2003, Lear is the world's largest automotive interior systems supplier. The company's world-class products are designed, engineered and manufactured by more than 110,000 employees. At December 31, 2003, Lear had 289 facilities located in 34 countries. Further information about Lear and its products is available on the Internet at

Posted on 5/17/2004

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