Business
Motorcar Parts of America Nominates Anil Shrivastava to Stand for Election to Its Board
Files Definitive Proxy Statement with the Securities and Exchange Commission Nominee Is a Principal at One of MPA’s Largest Shareholders and Enhances the
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":"\nFiles Definitive Proxy Statement with the Securities and Exchange Commission\n\n\nNominee Is a Principal at One of MPA’s Largest Shareholders and Enhances the Board with Extensive Investment Experience\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar 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.\n\n\nMr. 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.\n\n\nMr. 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.\n\n\n“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.”\n\n\nAnil 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 ...