CARSON, Calif. – U.S. Auto Parts Network, one of the largest online providers of automotive aftermarket parts and accessories, has entered into an agreement with Timothy Maguire, managing partner of Maguire Asset Management, and various entities he controls, to conduct a director search and identify a mutually agreeable independent candidate to be added to the company’s board as a ninth director.
"Our board and management team value the perspectives of all of our stockholders, and appreciate the constructive discussions we have had with Mr. Maguire, one of our largest stockholders," said Shane Evangelist, CEO of U.S. Auto Parts. "Our company’s management team, with the full support of the board, has been working to strengthen its position as an industry leader in the online auto parts market. The board is focused on identifying an outside, independent candidate to join the board and contribute to the positive momentum that is already underway at U.S. Auto Parts."
Added Maguire, "We are pleased to have worked with the board and management team at U.S. Auto Parts to reach this agreement. We view this as a positive development that will benefit all stakeholders. As a committed shareholder with 5.3 percent of the common shares outstanding, we believe the stock is significantly undervalued and has tremendous long-term growth potential. We are encouraged by the progress the company has made recently to improve its performance and corporate governance, and look forward to working constructively with management and the board of directors to continue to create shareholder value."
