SOUTHFIELD, Mich., Feb. 14, 2013 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical distribution systems, today confirmed that it has received notice from Marcato Capital Management LLC and Oskie Capital Management LLC announcing their intent to nominate three candidates to stand for election to the Lear Board of Directors at the Company's 2013 Annual Meeting of Stockholders. Lear stockholders are not required to take any action at this time.
Lear notes that its Board of Directors comprises eight directors, seven of whom are independent, and the other of whom serves as the Company's President and Chief Executive Officer. Lear's directors are proven business leaders with a broad range of management, financial, and operational experience, as well as expertise in the automotive industry, and have overseen the Company's success in delivering superior results and creating significant value.
Under this Board's leadership, Lear has:
- Generated higher sales and adjusted EPS for three consecutive years;
- Completed more than $500 million of share repurchases over the last two years, reducing the Company's shares outstanding by about 10%;
- Announced the acceleration of the current $1 billion share repurchase program, with $600 million of repurchases planned for 2013 and the remainder to be completed in 2014. This represents a further reduction of about 20% of the Company's shares outstanding;
- Established in 2011 a quarterly cash dividend, which has been increased annually and was most recently increased by 21% to $0.17 per share;
- Strengthened the core business through accelerated capital investments in emerging markets and the acquisition of Guilford Mills, a leading global provider of automotive fabrics; and
- Delivered superior returns to stockholders relative to both the S&P 500 and the Automotive Peer Group since November 2009 when Lear resumed trading on the New York Stock Exchange following its emergence from bankruptcy. In addition, since November 2009 the Company's equity market valuation has more than doubled.
The Company will present its recommendation with respect to the election of directors in its proxy statement to be filed with the Securities and Exchange Commission.