NEW
YORK, Dec. 21, 2022 /PRNewswire/ -- Standard
Motor Products, Inc. (NYSE: SMP), a leading automotive parts
manufacturer and distributor, has announced changes in the
composition of its Board of Directors. Effective at the end of
their current terms, in May of 2023, Lawrence I. Sills,
Chairman of the Board, and William H.
Turner, Presiding Independent Director, will each assume the
role of Director Emeritus. Concurrently, Eric P. Sills, Chief Executive Officer and
President, will succeed Lawrence I.
Sills as Chairman of the Board, Alisa C. Norris, currently Chair of the
Compensation and Management Development Committee, will succeed Mr.
Turner as Presiding Independent Director, and Pamela S. Puryear, PhD will succeed Ms. Norris
as Chair of that committee.
Finally, effective December 15,
2022, James J. Burke will
join the Board of Directors while remaining in his current position
of Chief Operating Officer.
To accommodate these changes, the Board of Directors has voted
to temporarily increase the size of the Board from nine to ten,
effective December 15, 2022, and to
reduce it from ten to eight in May
2023 upon the move of Messrs. Sills and Turner to Directors
Emeritus. At that point, the Board will consist of six independent
and two non-independent directors.
Mr. Lawrence Sills stated, "We
are very pleased to announce these changes which will result in a
smooth and seamless succession. The new Board will be as strong as
any I have experienced in my many years with the Company—young,
diverse, energetic, and bringing a wide range of talent and
experience.
"Eric has served as a Director and our Chief Executive Officer
since March 2016, as our President
since February 2015 and in various
senior leadership positions across our company over the course of
his 30-plus year career.
"Alisa joined our Board in October
2012, and has served as Chair of the Compensation and
Management Development Committee since May 2021. Over the
course of her tenure, she has proven to be a strong, independent
voice, and we look forward to her ongoing leadership, providing
independent oversight of management and ensuring effective
corporate governance.
"Jim Burke has extensive
experience both with SMP and with the industry as a whole for over
43 years. Jim has been with SMP since 1986, during which he served
as Chief Financial Officer between 1999 and 2019, and Chief
Operating Officer since 2019. Jim is extremely well respected
inside our Company, throughout our industry, and within the
financial community.
"Bill Turner and I have worked
together for over 30 years. During that time, we have seen SMP grow
from a relatively small company, to a multi-national organization,
with a broad range of products, and locations all around the world.
We are proud of what the Company has accomplished during our
tenure, and are confident that this new Board, led by Eric and
Alisa, will achieve similar success."
Under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Standard Motor Products cautions
investors that any forward-looking statements made by the company,
including those that may be made in this press release, are based
on management's expectations at the time they are made, but they
are subject to risks and uncertainties that may cause actual
results, events or performance to differ materially from those
contemplated by such forward looking statements. Among the factors
that could cause actual results, events or performance to differ
materially from those risks and uncertainties discussed in this
press release are those detailed from time-to-time in prior press
releases and in the company's filings with the Securities and
Exchange Commission, including the company's annual report on Form
10-K and quarterly reports on Form 10-Q. By making these
forward-looking statements, Standard Motor Products undertakes no
obligation or intention to update these statements after the date
of this release.
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SOURCE Standard Motor Products, Inc.