Nominee Offers Investor and Public Company
Director Perspective and Extensive Automotive Aftermarket
Experience
Motorcar Parts of America, Inc. (Nasdaq:MPAA) today
announced that its board of directors intends to nominate F. Jack
Liebau, Jr. to stand for election to the company’s board at the
company’s 2024 annual meeting of shareholders, in furtherance of
the board’s commitment to refreshment.
Mr. Liebau is an accomplished investor and public company
director. He has nearly 40 years of experience investing in public
companies for leading institutional asset managers, including
Primecap Management Company, The Capital Group, Davis Funds and
Roundwood Asset Management, where he served as the firm’s president
and chief executive officer. Mr. Liebau also has significant public
company director experience. He currently serves as chairman of the
board of two publicly traded automotive products companies, Myers
Industries, Inc. (NYSE: MYE) and Strattec Security Corp. (Nasdaq:
STRT), and previously served on the board of The Pep Boys—Manny,
Moe & Jack (formerly NYSE: PBY), a nationwide auto parts
retailer. Mr. Liebau has been nominated or recommended by
shareholders to serve on these and other boards and possesses a
valuable institutional investor perspective.
“Jack’s experience as a director of other automotive aftermarket
companies will enable him to provide valuable insights as Motorcar
Parts of America continues to execute its strategic growth plans,”
said Selwyn H. Joffe, chairman, president and chief executive
officer of Motorcar Parts of America. “Equally important, as a
former portfolio manager and securities analyst, Jack has a keen
understanding of the mindset of institutional investors and an
appreciation for how companies can drive long-term shareholder
value. We are looking forward to nominating Jack to the board and
to benefiting from his expertise.”
“We appreciate the shareholder feedback we have received with
regard to identifying and evaluating potential director candidates
during our refreshment process,” added Barbara L. Whittaker,
independent director and chair of the board’s Nominating and
Governance Committee. “This process is ongoing, and we expect to
report further developments in the coming weeks and months. We
continue to welcome shareholder perspectives and recommendations
with respect to board composition and director candidates.”
The board will disclose its full slate of directors in its proxy
statement for the 2024 Annual Meeting of Shareholders. The board
does not anticipate an increase in the size of the board.
“I look forward to serving and helping to build long-term
shareholder value,” said Jack Liebau. “With its leading market
position, scalable infrastructure, strong customer relationships
and commitment to innovation, the company is well positioned to
deliver sustainable and profitable growth. I will be a strong voice
for shareholder interests in the boardroom as the leadership team
works to capitalize on the company’s many advantages and deliver
long-term shareholder value.”
About F. Jack Liebau, Jr.
Mr. Liebau is an experienced public company investor and
director. He currently serves as Managing Director of Beach
Investment Counsel, Inc., an investment management company, a role
he has held since 2020. Previously, Mr. Liebau served as president
and chief executive officer of Roundwood Asset Management, a
subsidiary managing public equities for Alleghany Corporation’s
(formerly NYSE: Y) insurance companies. Before that, he served as
Portfolio Manager and Partner of both Davis Advisors and Primecap
Management Company, both leading investment management firms. He
began his investment career as a Financial Analyst at The Capital
Group.
Liebau’s current and former directorships include: chairman and
director of Myers Industries (NYSE: MYE), a diversified
material-handling and tire supply business; chairman and director
of Strattec Security Corporation (Nasdaq: STRT), a manufacturer of
automotive access control products; director of BNY Mellon ETF
Trust; non-executive board chair and member of Special
Investigations Limited Company, a private, Virginia-based
professional services company and government contractor in the
information technology, cybersecurity, investigations, and
intelligence sectors; director of MuxIP, a private software
business serving media companies; director and CFO of the Edwin
Gregson Foundation; former director of The Pep Boys—Manny, Moe
& Jack (formerly NYSE: PBY), a nationwide auto parts retailer;
former director of Herley Industries, Inc. (formerly Nasdaq: HRLY),
a defense technology company; former director of Media General,
Inc. (formerly NYSE: MEG), then-owner of newspapers and television
stations; former Vice President of Andover Alumni Council and
former director of Kidspace Children’s Museum.
Mr. Liebau holds an A.B. in Economics from Stanford
University.
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/20240610169268/en/
Gary S. Maier Vice President, Corporate Communications & IR
310-972-5124
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