Standard Motor Products Inc. announced today that its Board of Directors has appointed Eric Sills as President of the company. Sills, 46, is currently Vice President Global Operations.
Sills will now join the Office of the Chief Executive, where he will serve together with Lawrence Sills, Chairman and CEO; John Gethin, COO; and James Burke, Vice President Finance and CFO.
William Turner, Standard Motor Products’ Presiding Independent Director, said, “We are very pleased to announce this appointment. Eric joined the Company in 1991, and has taken on leadership roles of increasing responsibility. He is currently responsible for all manufacturing, distribution, engineering and supply chain management both in the U.S. and worldwide. Under Eric’s leadership, the company has increased manufacturing capacity, expanded production in low cost areas, enhanced its global supply chain, and successfully integrated eight acquisitions in the past three years. All these have played a major role in increasing the company’s profitability. In addition, during his 24 years with the company, Eric has acquired extensive knowledge of the customers and the industry.
“In his new position, he will continue to be responsible for his current activities while becoming increasingly involved in sales, marketing, and finance. Our Board believes that Eric’s experience, expertise, and proven leadership will make him an ideal candidate to help lead the company into the future.”
Sills earned an MBA from Columbia University and a BA from Bowdoin College. He is the son of Lawrence Sills, Standard’s Chairman and Chief Executive Officer.
Standard Motor Products also announced today that its Board of Directors has approved an increase in its quarterly common stock dividend from 13 cents per share to 15 cents per share, payable on March 2, 2015 to stockholders of record on Feb. 17, 2015.
“The increase in our quarterly dividend reflects our confidence in the long-term outlook of our company, “ said Lawrence Sills. “We are pleased that we can continue to return value to our shareholders through this quarterly dividend, while maintaining financial strength and flexibility to pursue other value-creating opportunities."
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