August 9, 2007 / 7:42 PM / 12 years ago

UPDATE 1-Lear CFO joins CEO in stock sales

(Adds comments from Lear spokeswoman)

NEW YORK, Aug 9 (Reuters) - The chief financial officer of auto parts maker Lear Corp. (LEA.N) revealed on Thursday that he sold a large portion of his company holdings the same day this week as its chief executive made a similar transaction.

James Vandenberghe disclosed in a U.S. Securities and Exchange Commission filing on Thursday that he sold 20,000 shares of Lear on Wednesday, when Lear Chief Executive Robert Rossiter revealed he had also sold 20,000 shares.

“It has been an awful long time since there was an open window for stock sales,” Lear spokeswoman Andrea Puchalsky said of the sales by Vandenberghe and Rossiter. “The last window was almost a year ago.”

Lear’s board considered and accepted a buyout offer from Carl Icahn’s American Real Estate Partners LP (ACP.N) in February that was not rejected by shareholders until mid June. Lear reported quarterly results last week.

Lear has been restructuring operations the past two years, including the divestment of its interiors business to a company led by billionaire Wilbur Ross that was completed at the end of the first quarter of 2007.

For Vandenberghe, the sale represented about $654,000 worth of stock and about one-third of his holdings, according to filing tracker InsiderScore.com.

Lear shares were down $3.60, or 11.48 percent at $27.76 in late trading on the New York Stock Exchange.

(Reporting by Emily Chasan and David Bailey)

((Editing by Gerald E. McCormick; Reuters Messaging: rm://emily.chasan.reuters.com@reuters.net;Tel: +1 646 223 6114)) Keywords: LEAR CFO/

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