WESTPORT, Conn., Nov. 30, 2012 /PRNewswire/ -- Compass Diversified Holdings (NYSE: CODI) ("CODI"), an owner of leading middle market businesses, announced today that Mr. Alan Offenberg, who has served as interim CEO since February 17, 2011, has been elected by the Company's Board as CEO, and will remain on the Company's Board of Directors. Mr. Offenberg is a founding partner of Compass Group Management LLC ("CGM") and has been with CGM and its predecessor since 1998. Mr. I. Joseph Massoud, who has been on a leave of absence from his duties as Chief Executive Officer and a director of the Company since February 17, 2011, resigned from his position as Chief Executive Officer and a director of the Company.
Mr. Sean Day, CODI's Chairman of the Board, commented, "During his tenure as CEO, Alan has demonstrated strong leadership, as the Company has continued to successfully execute its strategy. Since February 2011, we have completed three acquisitions and profitably sold two subsidiary businesses. We also completed a $545 million refinancing of the Company's existing debt at favorable rates. With disciplined investing and a strong balance sheet, CODI remains well positioned to capitalize on favorable growth opportunities to enhance future performance and provide shareholders with attractive distributions."
Mr. Massoud's resignation follows an announcement that a settlement has been reached between the U.S. Securities and Exchange Commission ("SEC") and Mr. Massoud in connection with an investigation of personal trading matters from 2009, unrelated to CODI, its operations, its subsidiaries and securities. Mr. Massoud has neither admitted nor denied the SEC's claims.
In addition, CGM has informed the Company that Mr. Massoud intends to step down as its managing member. Mr. Elias J. Sabo, a founding partner of CGM, will replace him in that capacity.Mr. Day concluded, "It is with deep regret that the Board accepts Mr. Massoud's resignation. We would like to thank Mr. Massoud for his service. He was instrumental in founding CODI in 2006, and gave us five years of strong and successful leadership. We wish him all of the very best in his future endeavors."