The Morgan Group Makes Key Appointments to Executive Team
ELKHART, Ind.--Sept. 12, 2001--Morgan Group, Inc. (AMEX:MG) today announced that it has made the following key additions to its management team:| -- | Gary J. Klusman, CPA -- Executive Vice President, Finance & Administration |
| -- | Perry M. Caver -- Vice President, Risk Management |
| -- | Thomas D. Lathers -- Vice President, Sales & Marketing |
| -- | Randy T. Miller, CPA -- Corporate Controller |
| -- | David G. Wilcox -- Vice President, Operations |
| -- | Jeffrey T. Brown -- Vice President, Operations |
Mr. Klusman, whose experience combines 21 years in financial management positions with 11 years of audit experience, brings to The Morgan Group a proven track record of developing long-range strategic plans, re-engineering organizations to improve profitability, and effectively managing financial position, debt and equity capital. Immediately prior to joining Morgan, he was Vice President -- Operations for Driver Net, Inc., in Kansas City, Missouri. Previously, he spent eight years with OTR Express, Inc., where he served as Vice President and Chief Financial Officer (1991-95), Executive Vice President and Board member (1995-98) and President, Chief Executive Officer and Board member (1998-99). Mr. Klusman earned Bachelor's degrees in 1980 from the University of Kansas in Business Administration and Accounting.
Mr. Caver, with 19 years' broadbased management and leadership expertise in corporate risk management, joined Morgan from TNT International Express U.S.A., where he designed, implemented and managed its cargo claims program and safety regulatory compliance audits as Risk Manager from 1998 to 2001. Prior to this tenure, he spent 11 years in progressively senior-level positions for $6-billion waste services company Browning-Ferris Industries, Inc., culminating in his 1990 appointment as Divisional Vice President -- Risk Management with oversight responsibilities for its 660 locations worldwide. Mr. Caver received his B.A. from Wichita State University.
Mr. Lathers is a hands-on, results-oriented senior executive with extensive experience in marketing, sales, operations, and acquisitions. He comes to Morgan from Burlington Motor Carriers, Inc., in Indiana where he served as Vice President with full profit-and-loss responsibility for its four major operating divisions. Before joining Burlington, he was General Manager, B & M Investors (1995-97) and Vice President, McClendon, Inc. (1992-95) where he was accountable for day-to-day operations of the $80-million truckload carrier company. Mr. Lathers is a graduate of Taylor University, earning a Bachelor of Science degree.
Mr. Miller brings to Morgan an exceptionally strong financial background and excellent record for directing profitable growth for a number of rapidly expanding entrepreneurial business organizations. Most recently, he was a Senior Manager with Crowe Chizek & Company, a top-10 national accounting and consulting firm. From 1996 to 2000, he served as Vice President -- Finance and Operations and Assistant Secretary for Playing Mantis, Inc., with accountabilities for all finance, operational, international and administrative aspects of the company, including overseas production. Previously, he was employed as Vice President -- Finance and Administration for Real Estate Management Corporation (1991-96) and Management Consultant for Price Waterhouse/Coopers Lybrand (1988-91). Mr. Miller received his B.S. in Accounting from Valparaiso University in 1988 and his MBA from Indiana University in 1996.
Mr. Wilcox, a seasoned veteran in the logistics management field, draws on more than 24 years' experience as a senior manager with oversight responsibility for sales, operations, transportation systems and logistics for a diverse number of leading corporations. He joins Morgan from ePLex.com, a Massachusetts-based software company that develops and markets logistics management systems as an application service provider, where he was Director of Sales and Operations. Previously, he was Director -- Business Development and National Accounts Sales for Hub Group, Inc., North America's largest intermodal marketing company and Vice President of Sales for Schneider Logistics, Inc., a division of Schneider National, Inc., the world's largest truckload carrier, where he served the company in various capacities from 1983 to 1999. Mr. Wilcox is a graduate of the University of Oregon, where he earned his B.S. in Business Administration/Finance.
Mr. Brown is the most recent addition to the Morgan family and contributes more than 15 years' transportation and logistics experience to the organization. He was previously Vice President of Operations for Celadon Trucking Services, Inc., where he was responsible for the $400-million carrier's U.S. operations. Formerly, as Executive Vice President of OTR Express, Inc., he re-engineered virtually all aspects of its operations and sales functions, resulting in a more than 10 percent increase in overall operating efficiency in little more than two years. Mr. Brown holds a Bachelor of Science in Business Transportation and Logistics from Indiana University where he graduated in 1986.
Commenting on the appointments, Morgan Group President and Chief Executive Officer Anthony T. Castor, III, said: "The additions of Messrs. Klusman, Caver, Lathers, Miller, Wilcox and Brown, by virtue of their unique knowledge and extensive experience, further broaden our capabilities and strengthen our organization as we remain steadfast in our mission to deliver renewed growth and profitability during these pivotal times for Morgan Group. We are delighted that such high-caliber industry professionals have elected to join our company and wholeheartedly welcome them aboard."
Michael Archual, President of Morgan Drive Away, Inc., added: "Each of these individuals, together with our existing Morgan team, has a critical role to play in our overall business strategy and is committed to maximizing current and future opportunities to enhance the value of our company for our shareholders. We believe we are now well-positioned to succeed not only under current market conditions, but to excel with the increasingly evident return to a more favorable industry environment."
The Morgan Group, Inc., through its subsidiaries Morgan Drive Away, Inc., and TDI, Inc., is the nation's largest provider of transportation services for manufactured homes, recreational vehicles, commercial vehicles and specialized equipment in the United States.
This press release contains forward-looking statements, including initiatives relating to changes in the manufactured housing industry, sales growth and profitability. Such statements are subject to a number of material factors that could cause the statements or projections contained therein to be materially inaccurate. Such factors include, without limitation, successful implementation of profit initiatives, overall economic conditions, competition for customers and drivers, and risks associated with business operations, acquisitions, expansion into new business lines, and changes in the regulatory environment.