Motorcar Parts of America, Inc. has announced Jay Ferguson, a current member of the company’s board of directors, will assume the position of lead director, succeeding Scott Adelson’s role and responsibilities in this position.
Adelson, who will continue to serve as an active member of the board, is co-president and global co-head of corporate finance for the international investment banking firm Houlihan Lokey. Ferguson is the founder and managing partner of Vicente Capital Partners, a Los Angeles-based private equity fund.
The board consists of nine directors, eight of whom are independent.
“We appreciate Scott’s contributions as our lead director for many years, and the additional time commitments such a position requires. Nonetheless, his continued engagement as a member of the board will be invaluable — particularly as we complete our footprint expansion in Mexico and related strategic initiatives in our new fiscal year, and also accelerate the introduction of brake products to a broader customer base,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.
“Jay’s background in private equity, investment banking and finance is well-suited for the additional responsibilities of being lead director. He has served on our board since 2016, and his insight, dedication and commitment will continue to be of tremendous value,” Joffe said.