Key Summary: On September 9, 2024, Mehran Nia announced his intent to nominate new directors for CarParts.com’s 2025 board election, following his 2021 resignation.Market Cap: $50 million | CarParts.com, Inc., together with its subsidiaries, operates as an online provider of aftermarket auto parts and accessories in the United States and the Philippines.
On September 9, 2024, Mehran Nia, co-founder of CarParts.com, Inc., released a statement of his intent to nominate a slate of director candidates for election to the Board at the 2025 annual meeting. This followed his resignation from the board in 2021 due to disagreements over the company's direction. Despite ongoing concerns voiced to management and the board, which had gone unaddressed, Mr. Nia highlighted issues including declining revenue, increased losses, depleted cash reserves, and significant talent departures. He had requested a meeting with the Board to discuss these issues but received no response. Concerned about the company's future, Mr. Nia planned to replace three incumbent directors with himself and two other candidates, emphasizing the need for proactive change to stabilize the business. Source
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