Allied Holdings names Mark J. Gendregske new president and CEO

By Caroline Salls

Pittsburgh, May 25 - Allied Holdings, Inc. has appointed Mark J. Gendregske to serve as president and chief executive officer of the company, effective June 1, according to an 8-K filed with the Securities and Exchange Commission.

Before joining Allied, Gendregske was the president and CEO of Vector SCM LLC, and before that he served in various positions with DaimlerChrysler Corp., including vice president of human resources.

Upon Allied's emergence from bankruptcy, Gendregske will also be appointed as a member of the company's board of directors.

Under his employment agreement, Gendregske is entitled to a base salary of $475,000 per year, which may be increased at the discretion of the board. He will also receive a $125,000 signing bonus on his first day of employment; provided, however, that if Gendregske resigns within six months, he will be required to repay the signing bonus in full.

In addition to his base salary, Gendregske is entitled to receive a performance bonus, based on achieving budgeted EBITDA.

If Gendregske is terminated by Allied without cause or if he terminates his employment for good reason, he will be entitled to a severance payment equal to one and a half times his base salary, COBRA insurance paid by the company for 18 months and one and a half times his previous year's bonus.

Allied is a Decatur, Ga.-based distributor of new and used vehicles. It filed for bankruptcy on Aug. 1, 2005 in the U.S. Bankruptcy Court for the Northern District of Georgia. Its Chapter 11 case number is 05-12515.

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