DETROIT, March 7 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.