Motorcar Parts of America Nominates Anil Shrivastava to Stand for Election to Its Board

Rhea-AI Summary

Motorcar Parts of America (Nasdaq: MPAA) has filed its proxy statement for the 2024 annual meeting, nominating Anil Shrivastava to stand for election to its board of directors. Shrivastava, managing partner of 325 Capital (one of MPAA's largest shareholders), brings extensive investment experience to the board. F. Jack Liebau, Jr. was previously nominated in June. Current directors Rudolph J. Borneo and Jamy P. Rankin will retire at the 2024 annual meeting.

Chairman Selwyn H. Joffe expressed excitement about Shrivastava's nomination, highlighting his knowledge of MPAA's business and commitment to collaboration. Shrivastava stated his enthusiasm for MPAA's potential to create significant shareholder value. The board changes reflect shareholder input and the company's commitment to regular refreshment. The 2024 annual meeting is scheduled for September 5, 2024.

Positive

• Nomination of Anil Shrivastava, a principal at one of MPAA's largest shareholders, to the board
• Shrivastava brings extensive investment experience and knowledge of MPAA's business
• Board refreshment aligns with shareholder input and aims to drive sustainable value

Negative

• None.

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

LOS ANGELES--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240729174350/en/

Gary S. Maier

Vice President, Corporate Communications & IR

310-972-5124

Source: Motorcar Parts of America, Inc.

FAQ

Who has Motorcar Parts of America (MPAA) nominated to its board of directors for the 2024 annual meeting?

Motorcar Parts of America (MPAA) has nominated Anil Shrivastava and F. Jack Liebau, Jr. to stand for election to its board of directors at the 2024 annual meeting.

What is Anil Shrivastava's background and connection to MPAA?

Anil Shrivastava is the managing partner of 325 Capital, one of MPAA's largest shareholders. He has over three decades of investment experience and has been engaging with MPAA's management and board for several years.

When is MPAA's 2024 annual meeting of shareholders scheduled?

Motorcar Parts of America's (MPAA) 2024 annual meeting of shareholders is scheduled for September 5, 2024.

Which current MPAA board members are retiring at the 2024 annual meeting?

Current directors Rudolph J. Borneo and Jamy P. Rankin have informed MPAA that they will not stand for re-election and will be retiring from the board at the 2024 annual meeting.