Lear Announces Resignation of Board Member
22 August 1997
Lear Announces Resignation of Board MemberSOUTHFIELD, Mich., Aug. 22 -- Lear Corporation announced today that Alan Washkowitz has resigned as a member of Lear's Board of Directors. Mr. Washkowitz, Managing Director of Lehman Brothers and Head of the Lehman Brothers Merchant Fund, has served on Lear's Board since 1994. Mr. Washkowitz's guidance has been instrumental in the company's rapid growth and global expansion, helping to position Lear as one of the world's largest independent supplier of automotive interiors. Mr. Washkowitz's resignation follows the recent successful offering of 10,284,854 shares of Lear common stock by certain affiliates of Lehman Brothers Holdings Inc., ending their ownership in Lear Corporation. Kenneth L. Way, Lear's Chairman and CEO, said, "Alan has made significant contributions to Lear over the past few years. All of us at Lear are grateful for his contributions and wish him success in his future endeavors." A Fortune 250 Company, Lear Corporation is one of the world's largest independent automotive suppliers, with 1996 sales of over $6.2 billion. The Company's world class products are manufactured by more than 47,000 employees in over 150 facilities located in 23 countries. Information about Lear and its products is available on the Internet at http://www.lear.com. SOURCE Lear Corporation