Motorcar Parts of America Inc. announced it has enhanced its board of directors and corporate governance to further solidify the company’s position within the automotive aftermarket.
Effective immediately, the board amended the company’s bylaws to provide for a maximum board size of 10 directors and appointed Barbara Whittaker and Timothy Vargo to the board. Motorcar Parts of America’s board now consists of 10 directors, four of whom were appointed in the past year and nine of whom are independent.
“Barbara and Tim offer a wealth of automotive aftermarket experience that will be invaluable to the company as we grow. We look forward to their advice and counsel for the benefit of all shareholders at an exciting time in the company’s evolution,” said Selwyn Joffe, chairman, president and CEO of Motorcar Parts of America Inc.
Whittaker was previously the executive director of Global Purchasing at General Motors Corp., responsible for more than $24 billion of purchasing – including expertise in supply chain management. Vargo was previously the president, chief operating officer and director of AutoZone.
The company also recently enhanced its corporate governance – adopting ownership guidelines for executives and directors, a compensation clawback policy, and a written related-party transactions policy. In addition, the board appointed Scott Adelson as its lead independent director.
“We appreciate the constructive dialogue we have had with Mr. Joffe and the board and are gratified by these actions to enhance the board’s composition with automotive aftermarket experience and improve the company’s governance structure,” said Arnaud Ajdler, managing member of Engine Capital. “We are also pleased that the company has recently improved its investor communications and believe these steps will position the company for maximizing shareholder value.”
