Marcato Capital Management LLC (“Marcato”) and Oskie Capital Management LLC (“Oskie”) announced today that their affiliated investment funds are submitting to Lear Corporation (NYSE: LEA) (“Lear” or the “Company”) a notice of their intention to nominate three candidates for election to the Board of Directors of the Company at its 2013 annual meeting of shareholders.
The proposed nominees are: Richard T. McGuire III, David M. Markowitz, and Enrico Digirolamo.
Mr. McGuire, Founder of Marcato Capital Management, said: “David, Enrico and I are committed to bringing to the Board new focus and necessary urgency to drive value creation for all stockholders of Lear. We will add the important voice of the owners of the business to bear on the Board’s decision-making process to help ensure a better alignment of interests with stockholders. We also bring relevant experience, with David having been intimately involved in many of the highest profile restructurings of the auto industry, and Enrico having spent much of his career managing automotive operations in the international markets that are particularly important to Lear today. We are all committed to working constructively to help Lear fully realize its potential for all of its owners through reasonable and responsible value creation initiatives.”
Biographies of the Proposed NomineesMr. McGuire is the founder and Managing Member of Marcato Capital Management LLC. Prior to founding Marcato Capital Management LLC, Mr. McGuire was a partner and senior investment professional at Pershing Square Capital Management, where he worked from 2005-2009, and from January 2009 to May 2010 was the Non-Executive Chairman of Borders Group, Inc., where he was also a director from January 2008 to May 2010. Mr. McGuire has a bachelor’s degree from Princeton University and is a graduate of Harvard Business School. Mr. Markowitz is a founder of Oskie Capital Management where he also serves as portfolio manager. In 2009 he was a member of the Auto Team at the U.S. Department of the Treasury, where he focused on the restructuring of General Motors in connection with the Presidential Task Force on the Auto Industry. Prior to his work at the Department of the Treasury, Mr. Markowitz was a founder and Senior Analyst at SLS Capital, an asset manager with in excess of $1 billion in capital under management. Mr. Markowitz is a director of RoadOne Intermodal Logistics. Mr. Markowitz has a bachelor’s degree from the University of Michigan.