POMONA, Calif., April 21, 2004 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced the selection of Richard L. Keister as its chief executive officer, succeeding Charles J. Hogarty upon his retirement on August 31, as previously announced. Hogarty will remain with the company as a consultant for a two-year period thereafter.
Keister (58), who will join Keystone to begin the transition on June 1, most recently served as president of Delco Remy International's Aftermarket Group - joining that company in 1997 following Delco Remy's acquisition of World Wide Automotive.
He was the co-founder of the predecessor company to World Wide Automotive, serving from 1976 as president and chief executive officer of the start-up venture. That company initially focused on the remanufacturing of rotating electrics, selling to local auto repair shops. By 1984, that company had 3,000 customers in the mid-Atlantic region. Keister expanded operations under the name World Wide Automotive in the mid '80s with a focus on serving the high-growth market of imported vehicles -- selling to large retailers, major warehouse distributors and, in some cases, direct competitors. The company also launched remanufacturing operations and joint ventures in several overseas locations, including Hong Kong, Malaysia and China. Delco Remy acquired the business in 1997.
"The selection of Rick Keister as a successor to Charlie Hogarty was based on a variety of factors, including Rick's excellent leadership skills, his commitment to personal and business growth, as well as his solid industry experience and extensive knowledge about a wide range of automotive aftermarket products and distribution systems. We are delighted that Rick has accepted our offer and look forward to continuing to build upon the strong foundation that Charlie Hogarty established during his tenure," said Ronald G. Foster, chairman of Keystone Automotive.
Charlie Hogarty commented, "I am very pleased that we have been able to recruit an executive as talented as Rick Keister and I look forward to supporting him in every way possible." Serving as a consultant, Hogarty will concentrate on several areas, including industry, customer and investor relations - as well as provide assistance in addressing state legislative issues, when appropriate. In addition, he will be available to Rick Keister for consultation and advice.
Commenting on his appointment, Rick Keister stated, "Keystone's position within the aftermarket collision replacement parts industry represents a unique opportunity for continued expansion and growth. I am honored to have been selected to lead the company to its next level. I look forward to working with the Board and all Keystone Team Members across the United States and Canada on a successful transition and an exciting future."
Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 126 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada. Its product lines consist of automotive body parts, bumpers, and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the United States and Canada.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by the company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors, including but not limited to the impact on the company as a result of the transition to a new chief executive officer and the impact on the company's future operations once the new CEO assumes that position. Reference is also made to the Cautionary Statements set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission(SEC) on June 26, 2003 and in Part II, item 5 of its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.