UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 18, 2019

Motorcar Parts of America, Inc.

(Exact name of registrant as specified in its charter)

New York
001-33861
11-2153962
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

2929 California Street, Torrance CA
 
90503
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (310) 212-7910

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
MPAA
The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On November 18, 2019, Kevin Daly will transition from his role as Chief Accounting Officer of Motorcar Parts of America, Inc. (the “Company”) to become the Company’s Vice President, Operational Accounting.
 
Further, on November 18, 2019, the Company promoted Kamlash Shah, 56, who has served as VP, Corporate Controller of the Company since 2008, to serve as Chief Accounting Officer, effective as of November 18, 2019.

Item 9.01.
Financial Statements and Exhibits.

The following exhibit is furnished with this Current Report pursuant to Item 5.02:

(d)
Exhibits

Exhibit
No.
 
Description
 
Press Release, dated November 21, 2019


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
MOTORCAR PARTS OF AMERICA, INC.
   
Date: November 21, 2019
/s/ Juliet Stone
 
 
Juliet Stone
 
Vice President and General Counsel




Exhibit 99.1

 
 
NEWS RELEASE

CONTACT:
Gary S. Maier
(310) 972-5124

MOTORCAR PARTS OF AMERICA ANNOUNCES PROMOTION OF VP CONTROLLER TO CHIEF ACCOUNTING OFFICER AND NEW POSITIONS

LOS ANGELES, CA – November 21, 2019 – Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced the promotion of Kamlesh Shah to chief accounting officer, succeeding Kevin Daly who will serve as vice president, operational accounting, a newly created position.

Shah, 56, has served as vice president, corporate controller since 2008 -- joining the company in 2007 as assistant controller.

“The changes are intended to bolster our accounting team and enhance our reporting systems and processes to support continued growth and profitability. We have a dynamic team of executives. Their depth of experience is exceptional, and their commitment to the company is impressive,” said Selwyn Joffe, chairman, president and chief executive officer.

“We greatly appreciate Kevin’s contributions as chief accounting officer since 2008, and controller earlier in his tenure with the company.  We look forward to benefiting from his new role, which will focus on operational accounting matters -- particularly the integration and consolidation of acquisitions and a focus on streamlining accounting processes,” Joffe said.

In addition to the changes noted above, the company announced the appointment of Ariel Sulit as assistant vice president, technical accounting -- a newly created position reporting to Kamlesh Shah.  His experience includes technical accounting positions for Verizon; Philips Lighting; Corning; and, Alcatel-Lucent Technologies, Inc., as well as serving for six years as a senior auditor for Ernst and Young’s office in the Philippines. A Certified Public Accountant, he earned a Bachelor of Science degree in accounting from the University of Santo Tomas in Manila, Philippines and a Master of Science degree in accounting from Babson College, Boston, Massachusetts.

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About Motorcar Parts of America, Inc.

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearing and hub assemblies, brake calipers, brake master cylinders, brake power boosters, rotors, brake pads and turbochargers utilized in imported and domestic passenger vehicles, light trucks and heavy-duty applications.  In addition, the company designs and manufactures test solutions for performance, endurance and production testing of electric motors, inverters, alternators, starters, and belt starter generators for the OE, aerospace and aftermarket. Motorcar Parts of America’s products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in New York, California, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia and Canada.  Additional information is available at www.motorcarparts.com.

Forward-Looking Statements

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 2019 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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