Successor Named as Atlas World Group CEO Announces Retirement; New President of Atlas Van Lines Also Elected

August 7, 1996

EVANSVILLE, (Ind.) -- The Atlas World Group (AWG) Board of Directors have named Walter E. Saubert future chairman and CEO. Saubert, CEO of Red Ball Corporation, will succeed current AWG chairman and CEO Norman D. Gee. Gee announced today that he will retire at the end of 1996. Michael L. Shaffer has also been promoted to president and COO of Atlas Van Lines, Inc., a newly created position with AWG's largest subsidiary.

Starting October 1, Saubert will serve as chairman-elect and CEO-elect, assuming full responsibility on January 1, 1997 when Gee's retirement is official. Shaffer will become Atlas' president and COO on October 1.

In commenting about the Board's actions, Gee said "the challenges facing the moving industry in the next decade will require extraordinary leadership. The combined experience and leadership abilities of these two men will ensure the continued success of Atlas World Group and Atlas Van Lines. Between them, they represent over 50 years of industry experience. It's reassuring to know that I will be leaving this company in the hands of such talented and seasoned professionals."

With twenty-seven years of experience in the household goods moving industry, Saubert joined American Red Ball International in 1972, rising through the ranks to become vice president and general manager in 1983. In 1985, Saubert, along with two other executives, formed Red Ball Corporation and acquired American Red Ball International, American Red Ball Transit, and the moving and storage division. Saubert was named CEO in 1989 when he acquired a controlling interest in Red Ball Corporation. Atlas World Group, Inc. acquired Red Ball Corporation from Saubert in May of this year.

A native of Seattle, Wash., Saubert studied economics at the University of Washington. He was a member of the U.S. Marine Corps from 1965 - 1968, serving in Vietnam. Saubert and his wife, Alicejo, will be establishing residence in Evansville.

Michael L. Shaffer began building his career with Atlas in 1969 as a dispatcher and was then promoted to assignments in Evansville, Ind., Long Beach, Calif., and the Washington, DC area. In 1983, he was promoted to vice president and general manager of Atlas Van Lines of Texas, based in Austin. One year later, he relocated back to Evansville where he assumed the position of vice president, operations. Following a major functional realignment of the company in 1991, Shaffer was promoted to president of the household goods division of Atlas.

A native of Anchorage, Alaska, Shaffer learned about moving firsthand, as evidenced by his attending eleven different schools by the twelfth grade. Before joining Atlas, Shaffer spent three years in the petroleum exploration business on Alaska's North Slope after an honorable discharge from the U.S. Army in 1966, having served in Vietnam.

Norman D. Gee began his impressive career in 1960. He held a variety of positions within the transportation industry, from controller to vice president of accounting, before joining Atlas in 1979 as vice president, finance and treasurer. Gee was instrumental in leading the charge toward agent-acquisition of Atlas in 1989. He was elected chairman and chief executive officer of Atlas World Group in 1991.

Atlas World Group, Inc., with its headquarters in Evansville, Indiana, was formed in 1994 as the holding company for Atlas Van Lines. Atlas Van Lines, the largest subsidiary of AWG, is a major transporter of household goods and special products through some 600 agents across the U.S. and Canada, and over 800 worldwide.

Anticipated annual consolidated revenues for Atlas World Group, following the acquisition of Red Ball Corporation, are expected to be in excess of $400 million.