Motorcar Parts of America, Inc.
MOTORCAR PARTS AMERICA INC (Form: 8-K, Received: 05/16/2017 16:12:48)

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): May 10, 2017
 
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
 
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))
 


Item 5.02.
Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective May 10, 2017, Motorcar Parts of America, Inc. (the “Company”) reassigned the responsibilities of the position of Chief Operating Officer to two newly created positions:  Senior Vice President for the Under-the-car Product Lines and Senior Vice President for the Under-the-hood Product Lines.

Steve Kratz, who most recently served as the Company’s Chief Operating Officer, was appointed to the newly created position of Vice President, New Technologies.

Doug Schooner, who most recently served as the Company’s Chief Manufacturing Officer, will continue as Chief Manufacturing Officer while also serving as Senior Vice President for the Under-the-car Product Lines.  Doug Schooner has been our Chief Manufacturing Officer since June 2014 and served as our Vice President, Manufacturing from January 2001 to June 2014. He joined the Company in June 1993. Mr. Schooner is 47 years old.  Mr. Schooner earned his Bachelor of Science degree in Mechanical Engineering from California State University, Long Beach.

Bryan Cain, who most recently served as the Company’s Senior Vice President of Supply Chain, will serve as Senior Vice President for the Under-the-hood Product Lines.  Mr. Cain has been our Senior Vice President of Supply Chain since June 2014 and served as our Vice President, Research and Development from September 2007 to June 2014.  He joined the company in February of 2005.  Mr. Cain is 50 years old.  Mr. Cain was previously employed by Orange County Alternator for 17 years, most recently as its Senior Vice President, Operations.

Item 8.01.
Other Events.

On May 10, 2017, the Company issued a press release announcing the reassignment of the Chief Operating Officer position.  A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

The information furnished pursuant to Item 8.01 on this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01.
Financial Statements and Exhibits.

(d) Exhibits.

The following are filed as exhibits to this Current Report on Form 8-K.
 

Number
Exhibit

99.1
Press Release dated May 10, 2017

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:  May 16, 2017
s/ Michael M. Umansky
 
 
Michael M. Umansky
 
 
Vice President and General Counsel
 
 
 


Exhibit 99.1
 
NEWS RELEASE
 
CONTACT:
Gary S. Maier
Maier & Company, Inc.
(310) 471-1288

MOTORCAR PARTS OF AMERICA REASSIGNS OPERATIONAL RESPONSIBILITIES

  -- APPOINTS INDUSTRY VETERAN TO NEWLY ESTABLISHED POSITION --

LOS ANGELES, CA – May 10, 2017 – Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it has reassigned the responsibilities of the chief operating officer position to enhance efficiency, technological innovation and new product line introductions.
 
Steve Kratz, who served as chief operating officer, has been appointed to the newly created position of vice president, new technologies.  The chief operating officer position will be divided into two categories: under-the-hood and under-the-car product lines.
 
Doug Schooner, currently chief manufacturing officer, will also serve as senior vice president, operations for the under-the-car product lines.
 
Bryan Cain, who most recently served as senior vice president of supply chain, has assumed the position as senior vice president, operations for rotating electrical.
 
“We greatly appreciate Steve’s contributions as chief operating officer and look forward to benefiting from his role focusing on new technologies,” said Selwyn Joffe, chairman, president and chief executive officer.
 
“The organizational changes noted above are intended to augment our customer-centric focus and enable the company to further distinguish itself as a leading supplier to the automotive aftermarket.  We have a dynamic team of executives, and our ability to embrace change and innovate is truly impressive. Our entire organization is committed to growth and enhancing shareholder value, and we all look forward to continued success,” Joffe said.
 
In addition to the changes noted above, the company announced the appointment of Jack Vollbrecht as senior vice president, strategy and government relations -- a newly created position.  His primary responsibilities include assisting with developing ongoing business strategies and coordinating the company’s government affairs outreach activities at the federal, state and local levels; and, identifying proactive legislative opportunities and related activities to support the company’s business interests within the automotive aftermarket sector.
 
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An industry veteran, Vollbrecht most recently served as senior vice president, business development and government relations for Remy International, Inc. He previously served as president and chief executive officer of Unit Parts Company, which was acquired by Remy in 2005.  He earned a Bachelor of Science degree in mathematics and business economics from Duke University.
 
Commenting on the appointment of Jack Vollbrecht, Joffe added: “Jack offers a wealth of unique automotive aftermarket experience that will be invaluable to the company as we continue to execute on our strategic growth plans – including organic growth, product line expansion and acquisitions.  We look forward to benefiting from Jack’s advice and counsel at an exciting time in the company’s evolution.”
 
About Motorcar Parts of America
 
Motorcar Parts of America, Inc. is a remanufacturer, manufacturer and distributor of automotive aftermarket parts -- including alternators, starters, wheel hub assembly and brake master cylinder products utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. 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 California, Mexico, Malaysia and China, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia and Toronto.  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 2016 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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