TORRANCE, Calif., March 15,
2022 /PRNewswire/ -- CarParts.com, (NASDAQ: PRTS), a
leading e-commerce provider of automotive parts and accessories,
today announced effective April 18,
2022, COO & CFO, David
Meniane will transition to CEO and SVP of Finance,
Ryan Lockwood will become
CFO. Lev Peker will step down as Chief Executive Officer and
director, effective as of close of business on April 15, 2022, to pursue other business
opportunities. The Company has also appointed Mr. Meniane as a
Class III director to fill the resulting vacancy from Mr. Peker's
departure from the Board.
![CarParts.com Logo (PRNewsfoto/CarParts.com, Inc.) CarParts.com Logo (PRNewsfoto/CarParts.com, Inc.)](https://mma.prnewswire.com/media/1220128/Carparts_Logo.jpg)
"CarParts.com has undergone an aggressive turnaround journey,
resulting in growth across the business as well as an improved
customer experience," said David Meniane, current COO & CFO and
incoming CEO. "I am proud to be assuming the role of CEO at this
exciting time and, with Ryan and the team at CarParts.com, will
remain focused on business execution, serving our customers and
taking CarParts.com to the next level."
Through this shift in leadership, the mission of CarParts.com
remains the same. Guided by a strategy of Right Part, Right
Time, Right Place, CarParts.com experienced its most successful
year to date in 2021, recently announcing its latest quarterly and
annual earnings earlier this month. The Company continues to
disrupt the auto parts aftermarket industry – resulting in
growth and innovation.
"Since joining CarParts.com in 2019, David has been an integral
part of the Company's transformation and he intimately knows the
business, having built, among many other things, a vertically
integrated supply chain and the Company's data science team. What's
more, he helped us navigate a global pandemic, both from a staff
and operations perspective," said Lev
Peker, outgoing CEO. "2021 was a year of challenges for many
but together we have established a solid foundation that will allow
the organization to navigate the future. Alongside David, Ryan will
continue to drive the business forward through financial discipline
and market strategy. His knowledge of the financial industry is
critical to ensuring CarParts.com's continued success."
"After experiencing our eighth consecutive quarter of
year-over-year sales growth, I believe in our ability to execute on
our long-term growth strategy and disrupt a $300B industry," said Lockwood. "I'm excited
about where the Company is headed and I'm grateful to have the
opportunity to work alongside an incredible leadership team as we
serve our valued customers, partners, and
community."
Incoming CEO David
Meniane added, "I would like to personally thank Lev
for his leadership, dedication and commitment to CarParts.com, and
wish him tremendous luck in his future endeavors."
About CarParts.com
With over 25 years of experience, and more than 50 million parts
delivered, we've streamlined our website and sourcing network to
better serve the way drivers get the parts they need. Utilizing the
latest technologies and design principles, we've created an
easy-to-use, mobile-friendly shopping experience that, alongside
our own nationwide distribution network and vertically integrated
supply chain, cuts out the brick-and-mortar supply chain costs and
provides quality parts at competitive pricing. Our proprietary
catalog is constantly expanding, and we continue to add new
products, applications, sets, and kits for house brands, as well as
premium branded products.
CarParts.com is headquartered in Torrance, California.
Safe Harbor Statement
This press release contains statements which are based on
management's current expectations, estimates and projections about
the Company's business and its industry, as well as certain
assumptions made by the Company. These statements are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended and
Section 27A of the Securities Act of 1933, as amended. Words such
as "anticipates," "could," "expects," "intends," "plans,"
"potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include, but
are not limited to, statements regarding our future operating
results and financial condition, our potential growth, our ability
to innovate, our ability to gain additional market share, and our
ability to expand and improve our product offerings. We undertake
no obligation to revise or update publicly any forward-looking
statements for any reason. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and assumptions that are difficult to predict. Therefore, our
actual results could differ materially and adversely from those
expressed in any forward-looking statements as a result of various
factors.
Important factors that may cause such a difference include,
but are not limited to, competitive pressures, our dependence on
search engines to attract customers, demand for the Company's
products, the online market and channel mix for aftermarket auto
parts, the economy in general, increases in commodity and component
pricing that would increase the Company's product costs, the
operating restrictions in its credit agreement, the weather, the
impact of the customs issues and any other factors discussed in the
Company's filings with the Securities and Exchange Commission (the
"SEC"), including the Risk Factors contained in the Company's
Annual Report on Form 10–K and Quarterly Reports on Form 10–Q,
which are available at www.carparts.com/investor and the SEC's
website at www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements in this
release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by law, the
Company expressly disclaims any obligation to update publicly any
forward-looking statements, whether as result of new information,
future events or otherwise.
Investors:
Ryan Lockwood
IR@CarParts.com
Media Contact:
5WPR
CarPartsPR@5wpr.com
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SOURCE CarParts.com, Inc.