10 Things You Didn’t Know About Lear CEO Ray Scott
On March 1, 2018, Ray Scott was named Chief Executive Officer, Director and President of Lear Corporation. Scott has held executive positions at Lear Corp. for the past three decades. He has helped the company grow and is excited to continue his work and help lead the company into the future. Ray Scott is dedicated to the Michigan based automotive and airline company. Here are 10 things you didn’t know about Lear CEO Ray Scott.
1. He’s from Michigan
Raymond E. Scott Jr. is a life long resident of Michigan. He was born on August 3, 1965 in Flint. He is married to Marie Scott. They have two sons, Joshua and Jacob. The family currently resides in Birmingham. Ray Scott enjoys spending time with his family. Early in life, Ray knew he wanted to work in the corporate business field and would study business management.
Following high school, Ray Scott attended the University of Michigan. He earned his Bachelor Degree in Economics. He went on to study business at Michigan State University where he earned his Master Degree in Business Administration. Scott would go on to complete Executive Education Programs at Stanford University and the Wharton School of Business.
3. Career at Lear Corporation
Ray Scott began his career at Lear Corporation in 1988. After 10 years, he was promoted to Director of Sales and the following year promoted to Vice President of Operations. From 1999 to 2000, Scott served Lear Corp. in Europe as Vice President and General Manager of the company’s European plants. He would serve the next 4 years as the President of General Motors and Fiat. From 2005 to 2008, Scott served Lear Corp. as its Senior Vice President of North American operations and then Global operations. Before becoming Chief Executive Officer at Lear Corp. in March 2018, Scott served as Executive Vice President and President of Seating.
4. Matt Simoncini
There was a six year succession plan before Lear Corporation’s previous Chief Executive Officer, Matt Simoncini resigned. It was always in the plans that Ray Scott would take over the position. Simonicini continues to advise Ray Scott in the biggest position of the company.
In addition to serving on the Board of Lear Corporation, Ray Scott serves other boards. He sits on the Board of Directors of the United Way in the Southwest Michigan division. He serves on the Board of Trustees for Kettering University in Flint, Michigan. Ray Scott also serves on Michigan State University’s Eli Broad College of Business Alumni.
Since becoming the Chief Executive Officer, President and Director of Lear Corporation, Ray Scott earns a total of $5.3 million. His annual salary is currently about $855,000. He also earns $1.4 million in bonuses and approximately $2.6 million in stock. Scott takes in about $300,000 in other compensation.
7. Plans for Lear Corporation
Ray Scott has great plans for Lear Corporation as he guides the company to the future. With advancing technology in the automotive field, Scott wants to make sure the company keeps up with the field. Scott is planning for self driving cars and the importance Lear can provide with hits electrical technology. Lear Corporation is working to advance “smart seats” that are state of the art. Lear is continually working to advance its E-Systems which provides the industry’s leading electrical distribution systems, software, electronics, cyber security expertise, and precise vehicle positioning. E-Systems uses wireless harnessing, terminals, connectors, and power distribution boxes to proved the most advanced seating in automobiles.
8. History of Lear Corporation
Lear Corporation was founded in Detroit, Michigan in 1917 as “American Metal Products”. The company produced tubular, welded and stamped assemblies for the aircraft and automotive industries. Throughout the twentieth century, Lear Corporation continued to develop and expand. The 1980’s and 1990’s saw a large number of acquisitions for the company, and the company became the world’s major supplier of complete interior automotive systems. In 2011, Lear Corporation filed Chapter 11 bankruptcy but quickly rebounded. With Ray Scott’s leadership, Lear Corporation is advancing the industry with innovative technologies to lead the car interior industry into the future.
Since its 2011 problems, Lear Corporation has regrouped and rebooted. There are currently more than 220 factories around the globe including 36 countries. Lear Corporation employs over 165,000 workers. As of 2017, the company is worth $20.462 billion. Lear Corporation includes 2 divisions, the Seating Business Segment and the Electrical Business Segment departments.
Lear Corporation is well known for its philanthropic contributions. The company particularly focus on giving back to the communities where their factories are located. Lear Corporation has set up charitable associations that focus on environmental protection and sustainability. The company established the Lear Corporation Charitable Foundation in Southfield, Michigan in 2003. The foundation focuses on providing opportunities to youths and adults in the fields of art, culture, education, youth development and human services.