CINCINNATI, Feb. 19, 2015 (GLOBE NEWSWIRE) -- AMP Holding Inc. (OTCQB:AMPD) engaged Marshall S. Cogan to serve as Chairman of its Board of Directors, increasing the size of the Board to four members, effective immediately. As Chairman, Mr. Cogan replaces James Taylor, who will remain on the Company's Board of Directors.
Mr. Cogan has had a distinguished, decades-long career as an investor, entrepreneur and investment banker. The pioneer of auto dealership consolidation in the United States, he was the founder of United Automotive Group (now Penske Automotive Group), a public company that operates automobile dealerships and is one of the largest retailers of cars and trucks in the United States, and served as its Chairman and CEO from 1997 to 1999. In recent years, Cogan has been involved in the foreign auto industry. With extensive international business experience, he has been shaping the automobile industry in China where he pioneered the consolidation of luxury BMW auto dealerships and also founded China Auto Care, a manufacturer of anti-theft devices. Most recently, he was actively focused on transforming the high-end auto retailing market in Brazil. Mr. Cogan also led the purchase of several companies during his career, including Knoll, Inc., Sheller-Globe Corporation, '21' Club and Color Tile Inc. Cogan was also responsible for the consolidation of the global foam industry, with his leadership and acquisition of several companies.
Reflecting on his new roles Mr. Cogan said, "AMP is a true original equipment manufacturer (OEM). Its Workhorse E-GEN electric delivery truck, equipped with a small engine that's EPA approved to immediately charge up a low-running battery, is the single most revolutionary development in the delivery truck market in 100 years. This line of trucks has the potential to transform the fleet delivery truck industry, saving it millions of dollars in maintenance and fuel annually, while making our environment cleaner for generations to come. As a testament to what I believe is indicative of its great potential and standing in the industry, AMP is only the second company to gain approval from Panasonic to use its batteries, with Tesla being the other one. Over the course of my career, and more specifically as a result of my work in the auto industry, I have come to appreciate the importance of innovation in vehicle design. AMP has proprietary know-how, patents, state-of-the-art facilities, a strong value proposition and commitment from its dedicated management team. Tapping my experience and relationships, I see tremendous opportunity to unlock greater value."
"We are truly privileged to have Marshall Cogan as a member of our Board and intend to draw heavily on his considerable insights and connections as we further develop our technologies, distinguish the advantages of our electric delivery vehicles over traditional gasoline-powered delivery trucks and grow our business," said Steve Burns, CEO of AMP Holding Inc.
Mr. Burns added, "Jim has been a member of our Board since 2010, and has been an instrumental force in our Company's transformation. We are thankful for his many contributions and although he is stepping down as Chairman, we are glad that he will remain an integral member of our Board."
Prior work history includes Mr. Cogan's role as a partner at Cogan, Berlind, Weill & Levitt (later CBWL-Hayden Stone, Inc.), an investment banking and brokerage firm instrumental in the consolidation of the financial services industry in the 1970s, where he led its revolutionary IPO in 1972. As a private equity investor, Cogan acquired a number of businesses in the 1970s and 1980s. He founded Foamex International and served as its Chairman and CEO until 1997, Vice Chairman until 1999 and Chairman and Executive Officer until 2004. Previously, he served as Chairman and CEO of Trace International Holdings, Inc. He was also Chairman and CEO, and later Chairman Emeritus, of Knoll International. Mr. Cogan received an MBA from Harvard University School of Business and a BA degree from Harvard College.
About AMP Holding Inc.
AMP Holding Inc. is the parent company of AMP Electric Vehicles Inc. and AMP Trucks Inc. AMP Electric Vehicles manufactures electric drive systems for medium-duty, class 3-6 commercial truck platforms. AMP Trucks, Inc., which purchased the assets of Workhorse Custom Chassis LLC from Navistar in March of 2013, can equip its Workhorse chassis with gasoline, propane, or CNG engines. For additional information visit http://www.ampelectricvehicles.com