Motorcar Parts of America Announces Appointment of New Directors
February 21 2017 - 8:00AM
Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it
has enhanced its board of directors and corporate governance to
further solidify the company’s position within the automotive
aftermarket.
Effective immediately, the board amended the company’s bylaws to
provide for a maximum board size of ten directors and appointed
Barbara L. Whittaker and Timothy D. Vargo to the board. Motorcar
Parts of America’s board now consists of ten directors, four of
whom were appointed in the past year and nine of whom are
independent.
“Barbara and Tim offer a wealth of automotive aftermarket
experience that will be invaluable to the company as we grow.
We look forward to their advice and counsel for the benefit of all
shareholders at an exciting time in the company’s evolution,” said
Selwyn Joffe, chairman, president and chief executive officer of
Motorcar Parts of America, Inc.
Ms. Whittaker was previously the executive director of Global
Purchasing at General Motors Corporation, responsible for more than
$24 billion of purchasing -- including expertise in supply chain
management. Mr. Vargo was previously the president, chief operating
officer and director of AutoZone -- one of the largest customers of
Motorcar Parts of America.
The company also recently enhanced its corporate governance --
adopting ownership guidelines for executives and directors, a
compensation clawback policy, and a written related-party
transactions policy. The board also appointed Scott Adelson as its
lead independent director.
“We appreciate the constructive dialogue we have had with Mr.
Joffe and the board and are gratified by these actions to enhance
the board’s composition with automotive aftermarket experience and
improve the company’s governance structure,” said Arnaud Ajdler,
managing member of Engine Capital. “We are also pleased that the
company has recently improved its investor communications and
believe these steps will position the company for maximizing
shareholder value.”
About the New Directors:Barbara L.
Whittaker is a business strategist and procurement and supply chain
expert with extensive experience in the automotive industry, with
both original equipment manufacturers and suppliers, and in the
aftermarket. In 2010 Mrs. Whittaker founded BW Limited llc, which
provides companies business and procurement strategies that lead to
improved performance. Previously, Ms. Whittaker worked for the
General Motors Corporation and Delphi Automotive in leadership
positions of increasing responsibility. Prior to her retirement
from General Motors, Ms. Whittaker’s position was executive
director of Global Purchasing. Mrs. Whittaker previously served in
Chevrolet’s Division of General Motors Corporation in Production
Control and Scheduling, with an emphasis on Supply Chain. Mrs.
Whittaker holds a Bachelor of Industrial Administration degree from
General Motors Institute (now Kettering University), MBA degree
from Wayne State University, and has also completed the Advanced
Management Program at INSEAD in France, and the Executive
Development program at University of Michigan. In addition to this
formal education, she holds Six Sigma Green Belt certification and
is well versed in lean production systems (GMS). She has also held
board of directors positions for Detroit Manufacturing Systems,
ChannelNet and Piston Group, each of which is privately held.
Timothy D. Vargo serves as chief executive officer
and president of Kele, Inc., a company that supplies building
automation equipment. Prior to joining Kele, he held a variety of
senior executive and board positions at AutoZone, TruckPro and Auto
Teile- Unger. Mr. Vargo served as the president, chief executive
officer and chief restructuring officer of TruckPro from 2008 to
2010 and a board member of TruckPro’s board from 2004 to 2010. He
was a board member of KKR-owned Auto Teile-Unger from 2003 to 2008.
He served as president of AutoZone, Inc. from March 1997 to May
2001, served as its chief operating officer from December 1996 to
May 2000 and served on its board of directors from 1997 to 2001.
Mr. Vargo is a director of Kele Holdco Inc.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a
remanufacturer, manufacturer and distributor of automotive
aftermarket parts -- including alternators, starters, wheel hub
assembly and brake master cylinder products utilized in imported
and domestic passenger vehicles, light trucks and heavy duty
applications. Motorcar Parts of America’s products are sold to
automotive retail outlets and the professional repair market
throughout the United States and Canada, with facilities located in
California, Mexico, Malaysia and China, and administrative offices
located in California, Tennessee, Mexico, Singapore, Malaysia and
Toronto. Additional information is available at
www.motorcarparts.com.
Forward-Looking StatementsThe
Private Securities Litigation Reform Act of 1995 provides a “safe
harbor” for certain forward-looking statements. The statements
contained in this press release that are not historical facts are
forward-looking statements based on the company’s current
expectations and beliefs concerning future developments and their
potential effects on the company. These forward-looking statements
involve significant risks and uncertainties (some of which are
beyond the control of the company) and are subject to change based
upon various factors. Reference is also made to the Risk
Factors set forth in the company’s Form 10-K Annual Report filed
with the Securities and Exchange Commission (SEC) in June 2016 and
in its Forms 10-Q filed with the SEC for additional risks and
uncertainties facing the company. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as the result of new information, future events
or otherwise.
CONTACT:
Gary S. Maier
(310) 471-1288
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