PRESS RELEASE
FOR IMMEDIATE RELEASE
Jack Cooper Transport Promotes Robert G. Griffin to CEO
As Part of New Ownership and Turnaround Strategy
March 5, 2010. Kansas City, Missouri. Jack Cooper Transport Co., Inc., the second largest auto transport carrier in the nation, announced the promotion of Robert G. Griffin to CEO. Griffin was promoted shortly after Innovative Equity Partners, owners of Active Transportation, Inc. of Joplin, Missouri, bought Jack Cooper in May 2009 and merged their operations.
Griffin joined Jack Cooper in July 2009 as President, in the midst of the toughest period the company has seen in its 80 year history. It came close to being another supplier casualty of the automobile industry collapse in 2009.
Michael Riggs, Chairman of IEP and Jack Cooper Transport, credited Griffin with having a key role in turning the company around. "Employment is already back up to 750, from 400 just nine months ago, after dropping from 1,300 in 2008. It should be above 1,000 by year end, despite continuing anemic automobile sales industry wide. The company is back in the black, after losing $3 million monthly through much of 2009. I fully expect revenues to increase 50% by the end of 2010, under Bob's leadership."
"We're very fortunate to have Bob Griffin on board. He not only brings experience successfully managing operations in a down economy, but has extensive M&A experience, that fits with our strategy to grow and become even stronger through acquisitions. His integrity, participative management style and willingness to pitch in wherever needed, fits well with the culture built at Jack Cooper as a family run business for 80 years."
Griffin was most recently Senior Vice President of Leggett & Platt, a Fortune 500 manufacturer of components for a variety of commercial fixtures, residential furnishings and industrial products. He also served as president of the Fixture and Display Group, a business he built from scratch to 5000 employees with annual revenues of $800 million in ten years. In that role, he supervised 25 manufacturing and distribution operations throughout North America, China and Europe. Prior to heading up the Fixture and Display Group, Griffin launched Leggett & Platt's aggressive acquisition program. Griffin closed on 116 transactions, acquiring $2.2 billion in revenues over a five year period.
Asked why he made the move to a struggling company in one of the hardest hit industries, Griffin replied: "The auto recession caused a shakeout in the car haul industry. There is a lot of potential to consolidate and grow as the auto industry comes back, and Jack Cooper is poised to gain significant market share through acquisitions and expansion in the auto lease and auction segments. This is an exciting time to be in the auto transport business."
Robert Griffin attended Villanova University and West Chester State University, where he graduated with a Bachelor of Science degree in Economics and Finance. Griffin received an MBA from Temple University.
Jack Cooper Transport, headquartered in Kansas City, Missouri, is the second largest auto transport carrier in the nation, and one of the few remaining auto transport companies with Teamster union drivers. Founded in 1928, today Jack Cooper operates 26 terminals throughout the U.S. and Canada, owns a fleet of 1,400 state-of-the-art trucks and transports over 1.6 million new and pre-owned automobiles and trucks annually. Jack Cooper is known for its integrity, outstanding service, quality performance and innovative strategies and has been the recipient of numerous vehicle transportation quality, service and safety awards.