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Value of Lear CEO's 2012 pay package up 75 pct to $10.1 mln
March 7, 2013 / 3:02 PM / 5 years ago

Value of Lear CEO's 2012 pay package up 75 pct to $10.1 mln

DETROIT, March 7 (Reuters) - Auto parts maker Lear Corp’s chief executive saw the value of his total pay package rise 75 percent last year.

Matthew Simoncini’s 2012 compensation was valued at $10.1 million, up from $5.78 million in 2011, according to the company’s proxy statement filed with the U.S. Securities and Exchange Commission. The total compensation includes restricted stock units whose value is set for the SEC filing but could change over time.

His base salary rose 45 percent to almost $1.2 million, according to the SEC filing.

Lear’s shares rose 15 percent last year and have risen a similar amount so far this year, closing trading on the New York Stock exchange on Wednesday at $53.93 a share. They were up 1.4 percent at $54.67 in early trading Thursday.

The maker of auto seats and electrical power systems last month posted stronger-than-expected fourth-quarter earnings on rising sales in North America. For the full year, Lear’s net income more than doubled to about $1.3 billion.

Last month, hedge fund Marcato Capital Management said it planned to seek board seats at the suburban Detroit company. In 2007, Lear rejected a $3 billion buyout attempt by an affiliate of billionaire investor Carl Icahn.

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