Lear Corp Files 8-K: Director Changes & Officer Compensation Updates
Ticker: LEA · Form: 8-K · Filed: May 20, 2024 · CIK: 842162
| Field | Detail |
|---|---|
| Company | Lear Corp (LEA) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $650,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, officer-compensation, director-change
Related Tickers: LEA
TL;DR
LEAR filed an 8-K: director changes, officer comp updates, and shareholder votes. Governance in motion.
AI Summary
On May 16, 2024, Lear Corporation filed an 8-K report detailing several key events. These include the departure of a director, the election of a new director, and updates to compensatory arrangements for certain officers. The filing also covers the submission of matters to a vote of security holders and includes a Regulation FD disclosure, along with financial statements and exhibits.
Why It Matters
This filing signals potential shifts in corporate governance and executive compensation strategies at Lear Corporation, which could impact investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance matters and disclosures, with no immediate indication of significant financial distress or operational disruption.
Key Players & Entities
- LEAR CORP (company) — Registrant
- May 16, 2024 (date) — Date of earliest event reported
- 20240516 (date) — Conformed period of report
- 0000842162-24-000037 (filing_id) — Accession Number
FAQ
Who departed from Lear Corporation's board of directors?
The 8-K filing indicates the departure of a director, but does not name the individual in the provided excerpt.
Was a new director elected to the board?
Yes, the filing states that a new director was elected.
What other items are covered in this 8-K filing?
The filing also covers compensatory arrangements of certain officers, submission of matters to a vote of security holders, Regulation FD disclosure, and financial statements and exhibits.
What is the exact date of the earliest event reported?
The earliest event reported is dated May 16, 2024.
What is Lear Corporation's Standard Industrial Classification code?
Lear Corporation's Standard Industrial Classification code is 3714, for MOTOR VEHICLE PARTS & ACCESSORIES.
Filing Stats: 1,305 words · 5 min read · ~4 pages · Grade level 11.3 · Accepted 2024-05-20 08:31:34
Key Financial Figures
- $0.01 — ich Registered Common stock, par value $0.01 LEA New York Stock Exchange Indicate
- $650,000 — i will receive an annual base salary of $650,000 and will be eligible to receive an annu
Filing Documents
- lear-20240516.htm (8-K) — 58KB
- lear_2024may16xex101.htm (EX-10.1) — 92KB
- lear-2024may16_ex991.htm (EX-99.1) — 7KB
- picture1a.jpg (GRAPHIC) — 14KB
- 0000842162-24-000037.txt ( ) — 325KB
- lear-20240516.xsd (EX-101.SCH) — 2KB
- lear-20240516_lab.xml (EX-101.LAB) — 21KB
- lear-20240516_pre.xml (EX-101.PRE) — 12KB
- lear-20240516_htm.xml (XML) — 3KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders On May 16, 2024, the Company held its 2024 Annual Meeting of Stockholders (the "Annual Meeting"). Set forth below are the final voting results for each of the proposals submitted to a vote of the stockholders at the Annual Meeting: Shares Voted For Shares Voted Against Abstentions Broker Non-Votes Election of directors Mei-Wei Cheng 51,682,932 257,395 27,704 1,067,068 Jonathan F. Foster 48,135,954 3,804,568 27,509 1,067,068 Bradley M. Halverson 51,490,182 450,440 27,409 1,067,068 Mary Lou Jepsen 51,496,806 444,480 26,745 1,067,068 Roger A. Krone 51,639,067 301,243 27,721 1,067,068 Patricia L. Lewis 51,566,558 374,611 26,862 1,067,068 Kathleen A. Ligocki 48,312,659 3,628,625 26,747 1,067,068 Conrad L. Mallett, Jr. 48,111,527 3,829,045 27,459 1,067,068 Raymond E. Scott 51,298,605 642,046 27,380 1,067,068 Gregory C. Smith 48,920,545 3,019,996 27,490 1,067,068 Ratification of appointment of independent registered public accounting firm 51,076,826 1,940,191 18,082 N/A Advisory approval of Lear's executive compensation 46,865,658 5,072,563 29,810 1,067,068 Section 7 - Regulation FD
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure A copy of the press release containing the announcement of Mr. Esposito's and Mr. Roelli's appointments is attached hereto as Exhibit 99.1 to this current report on Form 8-K. Section 9 - Regulation FD
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Description 10.1 Employment Agreement, dated May 16, 2024, by and between Mr. Roelli and Lear Corporation. 99.1 Press Release, dated May 20, 2024, announcing appointments of Carl A. Esposito to serve as Senior Vice President, IDEA by Lear and Mr. Roelli to serve as Senior Vice President and President, E-Systems of the Company. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Lear Corporation May 20, 2024 By: /s/ Jason M. Cardew Name: Jason M. Cardew Title: Senior Vice President and Chief Financial Officer