LOS ANGELES, Sept. 27, 2012 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced a strategic management realignment with the appointment of Scott Matrenec as president of the company's Fenco subsidiary.
"Scott's appointment underscores our commitment to the undercar business segment with a future of growth and profitability, while further enhancing customer relationships throughout all product categories. He has been actively involved in the post-acquisition analysis of Fenco and is uniquely knowledgeable about the operation and the future opportunities. We look forward to benefiting from Scott's experience and the successful turnaround of this division," said Selwyn Joffe, chairman, president and chief executive officer.
Matrenec, who will report directly to Selwyn Joffe, most recently served as a director in the Turnaround and Restructuring Services Group at Alix Partners, a global firm specializing in improving corporate financial and operational performance. Previously, Matrenec was with PwC where he focused on advising middle-market companies. His career experience includes developing and implementing comprehensive financial and operational strategies -- including acquisition integration and cost reduction initiatives. He has worked with clients in a variety of industries -- including automotive, consumer products and manufacturing.
He earned a master's degree in business administration from Northwestern University's Kellogg School of Management and a Bachelor of Science degree from DePaul University. He is also a certified public accountant.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. The company also offers a broad line of under-the-car products. Motorcar Parts of America's products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with remanufacturing facilities located in California, Mexico and Malaysia, and administrative offices located in California, Tennessee, Mexico, Canada, Singapore and Malaysia. 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 2011 and in its Form 10-Qs filed with the SEC thereafter 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.