CarParts.com, Inc 8-K, filed Apr 18, 2022
CarParts.com, Inc. (PRTS)
About this 8-K
CarParts.com, Inc filed this 8-K on April 18, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Amendment of Chief Technology Officer Employment Agreement
On April 18, 2022, CarParts.com, Inc. (“we” or the “Company”) and Sanjiv Gomes, the Company’s Chief Technology Officer, entered into an amendment (the “Amendment”) to the employment agreement dated June 17, 2019 between Mr. Gomes and the Company. The Amendment provides that, effective April 18, 2022, Mr. Gomes will cease to serve as Chief Technology Officer and will now serve as the Company’s Chief Information Officer. No other changes were made to Mr. Gomes’ existing employment agreement, including the terms of his compensation.
The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, a copy of which is filed as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 8.01. Other Events.
On April 18, 2022, the Company appointed Kals Subramanian to serve as the Company’s Chief Technology Officer.
Item 7.01. Regulation FD Disclosure.
On April 18, 2022, the Company issued a press release announcing Mr. Subramanian’s appointment as the Company’s Chief Technology Officer. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Item 7.01 and Exhibit 99.1 attached hereto is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
| Description |
99.1 | Amendment to Employment Agreement, dated April 18, 2022, between CarParts.com, Inc. and Sanjiv Gomes | |
99.2 | | |
104 | | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: April 18, 2022 | CARPARTS.COM, INC. | |
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| By: | /s/ Ryan Lockwood |
| Name: | Ryan Lockwood |
| Title: | Chief Financial Officer |
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of April 18, 2022 (the “Effective Date”) by and between CarParts.com, inc. (formerly U.S. Auto Parts Network, Inc.), a Delaware corporation (the “Company”), and Sanjiv Gomes, an individual (the “Executive”).
WHEREAS, the Company and Executive entered into that certain Employment Agreement, dated June 17, 2019 (the “Agreement”); and
WHEREAS, the Parties seek to amend the terms of Executive’s employment with the Company; and
WHEREAS, capitalized terms which are not defined herein shall have the meanings ascribed to them in the Agreement.
NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, it is agreed as follows:
Section 1, Paragraph A of the Agreement, is hereby amended as follows: Beginning on April 18, 2022, Executive shall serve as the Company’s Chief Information Officer and shall no longer serve as its Chief Technology Officer. Executive will report directly to the Company’s Chief Technology Officer and Executive shall have the duties and powers at the Company that are customary for an individual holding such position.
Except as expressly modified herein, all terms of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date written above.
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CARPARTS.COM, INC. | ||
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By: |
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Print Name: |
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Title: |
| Chief Executive Officer |
Address: |
| 2050 W. 190th. St. Ste 400 |
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| Torrance, CA 90504 |
EXECUTIVE | ||
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Sanjiv Gomes | ||
CarParts.com Expands Executive Team to Accelerate Technology Growth
TORRANCE, Calif., April 18, 2022 /PRNewswire/ -- CarParts.com, (NASDAQ: PRTS) a leading e-commerce auto parts company dedicated to getting drivers back on the road, today announces that it has appointed Kals Subramanian as Chief Technology Officer, effective April 18, 2022. As previously announced, the Board of Directors recently unanimously promoted David Meniane to be the new CEO and this strategic new hire will be the first under his leadership.
Mr. Subramanian joins CarParts.com after having served as Vice President of eCommerce Technology at Lowe’s. He also has held leadership positions at Best Buy and Target in marketing technology, business intelligence, and customer experience products. With a focus on engineering, managing product, and building global teams, Kals has seen double-digit growth in initiatives under his leadership – ranging from service and sales growth to employee engagement.
"As we continue to invest in technology and build upon the strong foundation we have established over the years, Kals will bring his unique eCommerce expertise and experience that will be of great value to the company,” said David Meniane, CEO. “He will be an integral part of the team and critical to our mission of being a one-stop destination for customers’ car repair needs.”
“The progress CarParts.com has made over the last three years is energizing and encouraging, and I look forward to working with internal and external stakeholders to continue to provide a best-in-class experience,” said Subramanian. “The technology stack that Sanjiv Gomes has architected during his tenure is very impressive, and I’m honored to be part of the team that will take things into the future.”
To that end, Sanjiv Gomes will move into the newly created role of Chief Information Officer which will allow him to better focus on engineering and architecture. “I’m excited by the opportunity and look forward to working with Kals. CarParts.com has always had a strong culture of innovation I’m grateful for the opportunity to support the development of strategies and initiatives that keep the industry and our customers top of mind.”
The strategic shift in leadership is in furtherance of CarParts.com’s mission to disrupt the auto parts & repair aftermarket industry. On the heels of the company’s most successful year to date in 2021, growth and innovation remain paramount, and the organization is looking to the future of its technological advancements.
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.
Investor Relations:
Ryan Lockwood
IR@CarParts.com