JPE, Inc. Announces New President, CEO and Director

18 November 1998

JPE, Inc. Announces New President, CEO and Director

    ANN ARBOR, Mich.--(AutomotiveWire)--Nov. 18, 1998--JPE, Inc. (OTC BB:JPEI) announced today that it has named Richard R. Chrysler as president and chief executive officer, and elected him to its board of directors. Mr. Chrysler replaced Donna L. Bacon, who submitted her resignation on October 20, 1998, with an effective date of December 15, 1998. JPE also named Richard P. Eidswick as chairman of the board of directors.
    Prior to joining JPE, Mr. Chrysler was president of R.C.I., a worldwide supplier of automotive and electronic related components. In 1976, Chrysler started a new company, Cars & Concepts, that soon became Livingston County's largest employer providing jobs to more than 1,200 families. He also holds a number of patents in the automotive industry. In 1986, he sold the company to its employees.
    Active in his community, Chrysler has served as a member of the U.S. House of Representatives from 1994 to 1996. He has also served as chairman of the Livingston County United Way, president of the Brighton Chamber of Commerce, vice chairman of the Michigan Chamber of Commerce, member of the board of directors of Michigan National Bank, and vice chairman of Cleary College.
    Mr. Chrysler stated, "I am pleased to have the opportunity to address the challenges facing the JPE companies. These are fundamentally sound businesses with good people that, with the assistance of our strong management team, have the capability of making marked improvements."
    The JPE, Inc. businesses manufacture automotive components for the original equipment manufacturers (OEM) and also manufacture and distribute truck components for the aftermarket.
    The statements contained in this press release, which are not historical facts, are forward-looking statements. The Company's actual results may differ materially from those projected in its forward-looking statements, including, but not limited to: sales levels; product mix; launch difficulties; the ability to obtain price increases; the cooperation from and continued funding by the Company's and JPE Canada's respective lenders; and the timing of and proceeds from the Company's sale of its businesses. In addition, various factors discussed in the Company's various reports filed with the Securities and Exchange Commission may affect such forward-looking statements.