Files Definitive Proxy Statement with the
Securities and Exchange Commission
Nominee Is a Principal at One of MPA’s
Largest Shareholders and Enhances the Board with Extensive
Investment Experience
Motorcar Parts of America, Inc. (Nasdaq:MPAA) today
announced that the company filed its proxy statement for its 2024
annual meeting and that its board of directors has nominated Anil
Shrivastava to stand for election. Mr. Shrivastava joins F. Jack
Liebau, Jr. as two new candidates for election to the company’s
board this year.
Mr. Liebau’s nomination was previously announced in June.
Current directors Rudolph J. Borneo and Jamy P. Rankin have
informed the company that they will not stand for re-election this
year and will be retiring from the board at the 2024 annual
meeting.
Mr. Shrivastava is an accomplished investor. He currently serves
as managing partner of 325 Capital, one of MPA’s largest
shareholders, where he uses data-driven, analytical insights to
engage with management teams and boards, working to help develop a
blueprint for long-term value creation. He has more than three
decades of experience investing in public and private companies on
behalf of leading investment firms, including Bain & Co.,
Sagard Capital and Vestar Capital Partners.
“On behalf of Barbara L. Whittaker, independent director and
chair of the board’s Nominating and Governance Committee and the
entire board, I am excited to welcome Anil to MPA,” said Selwyn H.
Joffe, chairman, president and chief executive officer of Motorcar
Parts of America. “325 Capital has been one of MPA’s largest
shareholders for several years. During that time, the board and I
have had numerous opportunities to engage with Anil and have been
impressed by his knowledge of the company’s business and his
commitment to working with us as a collaborative partner. We
appreciate the constructive dialogue we have had with Anil over the
years, including his valuable insights and feedback regarding MPA’s
strategy, board composition and other topics, and we look forward
to working with him to drive sustainable value for all
shareholders.”
Anil Shrivastava said, “We are enthusiastic owners of MPA and
believe it can create significant value for all its shareholders. I
appreciate the constructive nature of my dialogue with Selwyn and
the board and look forward to contributing from inside the
boardroom.”
Mr. Joffe added, “On behalf of the entire board and company, I
would also like to extend our deep appreciation and gratitude to
Rudy and Jamy for their years of service and dedication to MPA. The
board has benefited from their many insights and contributions, and
we are deeply appreciative of the guidance and oversight they have
provided during their tenures. We wish them all the best following
their retirement from the board.”
“These changes, which reflect the input of our shareholders,
underscore the board’s commitment to regular and thoughtful
refreshment,” Mr. Joffe continued. “I am confident that these
actions position the company well as we continue to work diligently
to build on our positive momentum and deliver sustainable,
profitable growth.”
The company’s 2024 annual meeting of shareholders will be held
on September 5, 2024.
About Anil Shrivastava
Mr. Shrivastava is an experienced small- and micro-cap company
investor. He currently serves as founder and managing partner of
325 Capital, an investment management company, a role he has held
since 2020.
Prior to 325 Capital, Mr. Shrivastava was a Partner at Sagard
Capital, where he focused on blueprint development, management
relationships, and team development, from 2012 to 2018. Previously,
he served as a managing director in the Healthcare group at Vestar
Capital, a private equity firm, from 2007 to 2023.
Earlier in his career, Mr. Shrivastava spent 15 years at Bain
& Company, where he was a partner in the Private Equity and
Healthcare Practices and supported clients in the Boston, Sydney,
London, and New York offices. He is currently a Trustee at the New
York Hall of Science.
Mr. Shrivastava graduated with honors in Economics from Harvard
College and earned an MBA at Harvard Business School.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer,
manufacturer, and distributor of automotive aftermarket parts --
including alternators, starters, wheel bearings and hub assemblies,
brake calipers, brake pads, brake rotors, brake master cylinders,
brake power boosters, turbochargers, and diagnostic testing
equipment utilized in imported and domestic passenger vehicles,
light trucks, and heavy-duty applications. Its products are sold to
automotive retail outlets and the professional repair market
throughout the United States, Canada, and Mexico, with facilities
located in California, New York, Mexico, Malaysia, China and India,
and administrative offices located in California, Tennessee,
Mexico, Singapore, Malaysia, and Canada. In addition, the company’s
electrical vehicle subsidiary designs and manufactures testing
solutions for performance, endurance, and production of multiple
components in the electric power train – providing simulation,
emulation, and production applications for the electrification of
both automotive and aerospace industries, including electric
vehicle charging systems. Additional information is available at
www.motorcarparts.com.
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 2023 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240729174350/en/
Gary S. Maier Vice President, Corporate Communications & IR
310-972-5124
Grafico Azioni Motorcar Parts and Assoc... (NASDAQ:MPAA)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Motorcar Parts and Assoc... (NASDAQ:MPAA)
Storico
Da Gen 2024 a Gen 2025
