Lear Corp. has promoted Jason Cardew as senior vice president and CFO, replacing Jeffrey Vanneste, who is retiring after more than 20 years with the company.
Cardew, who has been with the automotive seating supplier since 1992, starts his new role Nov. 1, according to a Tuesday news release. Vanneste's last day is Oct. 31, but he will continue in an advisory role through February.
"I would like to thank Jeff for his leadership, dedication and commitment to Lear. He played a crucial role in the development and execution of fundamental business strategies for the company …" CEO Ray Scott said in the release. "I also want to congratulate Jason, who brings deep knowledge of our company's global finances and strategy."
Vanneste, who also spent time in the C suite at Southfield-based IAC Group, became permanent CFO of Lear in 2012 when he took over for Cardew, who had been in the position on an interim basis.
Cardew, who joined the company in 1992, spent the past seven years as vice president of finance in its seating and e-systems businesses. He completed his undergraduate and MBA studies at Michigan State University.
His new role elevates him to oversee the supplier's global financial strategy and corporate business planning and analysis. Lear has been focused on fostering an entrepreneurial spirit to steer the legacy auto supplier into the 21st Century as automakers and suppliers compete in the quickly evolving EV/mobility space.
In July, Lear lowered its full-year outlook by more than $1 billion to revenue between $19.8 billion and $20.3 billion from a previous projection of $20.9 billion to $21.7 billion. The projection also altered its year-end net income to between $885 million and $965 million from a previous outlook of $1.1 billion to $1.2 billion. The company cited economic headwinds and production cutbacks by key customers.