This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Compass Diversified Holdings Issues Statement On CEO Position









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."    

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs