SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 1998
THE MORGAN GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-13586 22-2902315
(Commission File Number) (IRS Employer
Identification No.)
2746 Old U.S. 20 West
Elkhart, Indiana 46514-1168
(Address of principal executive offices) (Zip Code)
(219) 295-2200
Registrant's telephone number, including zip code
<PAGE>
Item 5. Other Events.
Registrant has issued a press release announcing the appointment of Edward
Charleston as President and Chief Executive Officer of Morgan Drive Away, Inc. A
copy of such press release is attached as Exhibit 99 and is incorporated herein
by reference.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE MORGAN GROUP, INC.
July 29, 1998 By: /s/ Dennis R. Duerksen
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Dennis R. Duerksen
Chief Financial Officer
[THE MORGAN GROUP, INC. LETTEREHEAD]
ANNOUNCES APPOINTMENT OF
EDWARD CHARLESTON
PRESIDENT & CEO OF MORGAN DRIVE AWAY, INC.
Baltimore, Maryland - July 29, 1998 - The Morgan Group, Inc., (AMEX:MG)
today named Edward Charleston as President and Chief Executive Officer of Morgan
Drive Away, Inc. ("MDA") the principal operating subsidiary of The Morgan Group,
Inc.
Mr. Charleston, 51, joined MDA in 1993 as Senior Vice President of MDA's
Manufactured Housing Group where he assisted with Morgan's initial public
offering. He was promoted to President of the Manufactured Housing Group in
June, 1995. Mr. Charleston succeeds Terence L. Russell who is leaving his Morgan
post to head a privately owned start-up company.
Charles C. Baum, Chairman and CEO of The Morgan Group stated, "Morgan is
fortunate and pleased to be able to promote such a qualified candidate from
within the Company's strong management team. Since joining Morgan, Ed has
demonstrated significant expertise in the transportation service industry. Under
his leadership our shipments of manufactured housing units have more than
doubled in the past five years, our manufactured housing revenues have more than
tripled to over $93 million, and we have seen our market share increase from
approximately 20 percent when Ed joined the Company in 1993 to just over 27
percent last year."
"The Morgan Group is committed to sustaining growth in revenue and earnings
and our management team is now better positioned than ever to carry out our
strategic objectives. Just this past November we added Dennis R. Duerksen to the
senior management team as Chief Financial Officer, and have been very pleased
with the talent he has brought to our Company. Dennis will continue to report to
me as well as the audit committee of the Board and will work closely with Ed to
carry out our profit initiatives," continued Mr. Baum.
Prior to joining Morgan, Mr. Charleston has held several progressively
senior positions in companies such as American President Companies, LTD.;
Logistics Express, Inc.; and NorthAmerican Van Lines. Mr. Charleston, holds a
Bachelor of Arts Degree from Michigan State University. He and his wife, Ruth,
have three children.
The Morgan Group, Inc. is the nation's leader in providing services to the
manufactured housing industry and arranges as well for the movement of
commercial vehicles, office trailers, and a variety of other vehicles and
freight. The Company has a national network of approximately 1,590 independent
owner-operators and 1,350 other drivers dispatched from 112 offices in 32
states. The Company also provides insurance and financial services through its
wholly-owned subsidiaries, Interstate Indemnity and Morgan Finance, Inc.
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Contact: Charles C. Baum
Chairman and CEO
The Morgan Group, Inc.
Telephone: (410) 566-9200
Fax: (410) 947-0612
Release: 98.6
