CODA Holdings Appoints Former General Motors International Executive Philip Murtaugh as Chief Executive Officer

SANTA MONICA, Calif., Jan. 21, 2011 /PRNewswire/ -- CODA Holdings, a California-based leading developer of advanced Lithium-ion power battery systems and all-electric vehicles, today announced that its Board of Directors has named Philip Murtaugh, a seasoned executive with extensive operating, manufacturing, sales and marketing experience in both the United States and Asia, as its new Chief Executive Officer. Murtaugh was also appointed a member of CODA's Board of Directors. Steven "Mac" Heller has agreed to continue his substantial involvement with CODA and has become the company's Executive Chairman.

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Murtaugh was employed by General Motors (GM) for more than 30 years in various management and executive-level positions. From 1996 to 2000, Murtaugh served as Executive Vice President of Shanghai GM, and from 2000 to 2005, as Chairman and Chief Executive Officer of GM China. Over a period of 10 years, Murtaugh grew GM's presence from 15 employees in its Shanghai operations to 15,000 employees throughout the country while increasing the unit's revenue from $300 million to more than $7 billion. Following GM, Murtaugh served as Executive Vice President, International Operations for Shanghai Automotive Industry Corporation (SAIC). In his next executive role, Murtaugh was Chief Executive Officer, Asia Operations for Chrysler where he grew sales by 30% during his tenure. Most recently, Murtaugh has been a Director of Lear Corporation, and a consultant and advisor to numerous large sales and manufacturing companies.

"We are thrilled to have Phil guide our team into its next stage of rapid growth in power battery systems and electric vehicles. Phil is an industry veteran with large scale manufacturing, sales and marketing experience who has the precise combination of skills necessary to lead CODA's mission to transform the auto industry by accelerating the adoption of clean, zero emissions technology," said Mac Heller, Executive Chairman, CODA Holdings. "Phil's OEM and systems and solutions expertise, and his experience overseeing more than 15 vehicle introductions on three continents are exactly the qualifications the Board of Directors has been seeking."

"I look forward to joining an experienced group of professionals on CODA's management team and Board in California and abroad. It is impressive to see all that they have accomplished in such a short period of time, from the formation of international partnerships to green technology breakthroughs that are truly world class," said Philip Murtaugh, Chief Executive Officer, CODA Holdings. "Together, I am confident that we will accelerate the adoption of clean technology that will better the environment, create new jobs and move the automotive industry in a positive direction."

Miles L. Rubin, CODA's founder and Co-Chairman, will retire as Co-Chairman but continue his active involvement as a Director and the company's largest shareholder. CODA's Board has designated Rubin Chairman Emeritus, honoring his significant foresight and continuing efforts on behalf of the company and its mission.

"We owe the strength and promise of our company to Miles's early vision and encouragement of a major new global industry," noted Heller. "His development of our domestic and international relationships, and his decision to meld CODA's world class technologies with those of leading partners around the globe has moved us to the forefront of an emerging industry and has proven to be a harbinger for other successful international alliances."

"Phil's appointment has given us great confidence in CODA's future and I feel this is an ideal time to retire as Co-Chairman," said Miles Rubin, Founder and Chairman Emeritus, CODA Holdings. "I give Phil and Mac my full and enthusiastic support as Director and Chairman Emeritus."

"I am convinced that the commercial and practical widespread adoption of EVs will succeed, and CODA is best positioned to lead this movement," said Murtaugh.

About CODA Holdings: Headquartered in Santa Monica, Calif., CODA Holdings is working to reduce dependence on oil and are leading the way to a cleaner energy future through multi-use advanced battery systems for electric cars and a range of utility applications. CODA is working in a smart, interdependent way with leading global technology and manufacturing companies to quickly and efficiently bring electric power battery technology to market. Through its battery system joint venture with Lishen Power Battery of Tianjin, China, whose principal shareholder is CNOOC (China National Offshore Oil Company), CODA is a large-scale producer of power battery systems for transportation and utility applications. Upon completion of current build-out of production capacity, it will be producing power battery systems totaling more than 1.4 billion amp hours (Ah) of energy storage (4.4 million kilowatt hours). With the completion of the proposed Ohio ATVM plant, its total JV capacity is slated to reach two billion Ah (6.3 million kWh) of energy storage. The CODA Sedan is a four-door, five-passenger 100% electric vehicle with industry-leading technology that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.

SOURCE CODA Holdings

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