Castor Appointed President and CEO of The Morgan Group
12 January 2000
Castor Appointed President and CEO of The Morgan Group
BALTIMORE--Jan. 12, 2000--The Morgan Group, Inc. (AMEX:MG), announced today that Anthony T. Castor, III, has been named President and Chief Executive Officer of the Company.Charles C. Baum previously held these positions and will continue to serve as Chairman of the Board. According to Mr. Baum, Mr. Castor will be based in Rye, New York, with responsibilities for guiding The Morgan Group into new areas as well as overseeing its Elkhart, Indiana-based operations.
Castor, 48, brings more than 25 years of comprehensive business experience to the Company. Most recently, he was President and Chief Executive Officer of New Jersey-based companies Precision Industrial Corporation (1997-1999) and Hayward Industries, Inc. (1993-1997). While at Hayward Industries, Castor led a team of executives who doubled the size of the company in approximately two years. Precision Industrial generated a return on investment for shareholders of over 80% in approximately 18 months under Castor's leadership. Before joining Hayward, Castor was corporate Vice President of Crompton & Knowles Corporation, where he participated in leading the company to a top-50 ranking of the best stocks to own in America. From 1985 to 1987, he was President and CEO of Inland Specialty Chemical Corporation in Costa Mesa, California, and prior to that served in a succession of managerial positions with Uniroyal Chemical. He earned his Bachelor's degree in Chemistry and Business Administration from Pfeiffer University in 1973 and graduated from the Harvard Business School Advanced Marketing Management Program in 1983.
Commenting on the appointment, Mr. Baum said: "We enthusiastically welcome Tony to The Morgan Group. With his experience in business development, proven operating record, and strong negotiating skills, he will undoubtedly provide valuable leadership as The Morgan Group continues to seek opportunities to grow revenue and earnings."
Mr. Castor stated: "It is very exciting to have the opportunity to come aboard at this stage of the Company's development and I look forward to working with Charles Baum and other members of the Board. "I welcome the challenge associated with taking The Morgan Group beyond its traditional activities as we explore a host of interesting service and technological-related opportunities with exciting potential to increase the value of our Company for our shareholders."
The Morgan Group, Inc., is the nation's largest publicly owned company managing the delivery of manufactured homes, commercial vehicles and specialized equipment in the United States. The Company has a national network of approximately 1,475 independent owner-operators and 1,770 other drivers dispatched from 104 offices in 32 states. The Company also provides insurance and financial services through its wholly owned subsidiaries Interstate Indemnity Company and Morgan Finance, Inc.