Motorcar Parts of America Director Steps Down Due to New Position
February 25 2019 - 8:00AM
Motorcar Parts of America, Inc.
(Nasdaq:MPAA)
today announced the resignation of Timothy D. Vargo from the
company’s board of directors due to required time commitments and
responsibilities related to his position as chief executive of
Exide Technologies.
The board of Motorcar Parts of America has decided
not to fill the vacancy as a result of the resignation. The board
will now consist of nine directors, eight of whom are
independent.
“We appreciate Tim’s contributions to our board.
We understand Tim’s desire to focus his time and energy on
this position, and wish him every success,” said Selwyn Joffe,
chairman, president and chief executive officer of Motorcar Parts
of America, 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 bearing
and hub assemblies, brake master cylinders, brake power boosters,
rotors, brake pads and turbochargers utilized in imported and
domestic passenger vehicles, light trucks and heavy-duty
applications. In addition, the company designs and
manufactures test equipment for performance, endurance and
production testing of alternators, starters, electric motors,
inverters and belt starter generators for both the OE and
aftermarket. 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, China and India, and administrative
offices located in California, Tennessee, Mexico, Singapore,
Malaysia and Canada. Additional information is available at
www.motorcarparts.com.
Forward-Looking Statements
The 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 2018 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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