WESTPORT, Conn., Feb. 17, 2011 /PRNewswire/ -- Compass Diversified
Holdings (NYSE: CODI) ("CODI" or the "Company"), an owner of
leading middle market businesses, announced today that Joe Massoud, its Chief Executive Officer, has
requested, and the Board has approved, a leave of absence to focus
his attention on an informal regulatory inquiry that Mr. Massoud
has received on matters unrelated to CODI. CODI also
announced that its manager, Compass Group Management LLC ("CGM"),
has nominated, and that its Board has approved, Alan Offenberg to assume the role of CEO on an
interim basis, as well as Mr. Massoud's seat on the Company's Board
of Directors. Commenting on the transition, Mr. Offenberg
said, "I am honored to be able to serve CODI's shareholders in this
capacity. Joe will continue to be available to us during his leave
and we are all very excited about the many opportunities the
Company has to build value for our owners."
Mr. Offenberg has been a partner with CGM and its predecessor
since 1998. Prior to that, Mr. Offenberg was with Trigen Energy,
Creditanstalt Bankverein and GE Capital. Mr. Offenberg is a
graduate of Tulane University and the
Northeastern University Graduate School
of Business. Mr. Offenberg is currently a director and chair of
American Furniture Manufacturing, Inc. and Liberty Safe and Security Products, Inc.
About Compass Diversified Holdings ("CODI")
Compass Diversified Holdings ("CODI") owns and manages a diverse
family of established North American middle market businesses. Each
of its eight subsidiaries is a leader in its niche market.
CODI maintains controlling ownership interests in each of its
subsidiaries in order to maximize its ability to impact long term
cash flow generation and value. The Company provides both debt and
equity capital for its subsidiaries, contributing to their
financial and operating flexibility. CODI utilizes the cash
flows generated by its subsidiaries to invest in the long-term
growth of the Company and to make cash distributions to its
owners.
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of the Company. Words such as "believes," "expects,"
"projects," and "future" or similar expressions, are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions. Certain factors could cause actual
results to differ materially from those projected in these
forward-looking statements, and some of these factors are
enumerated in the risk factor discussion in the Form 10-K filed by
CODI with the Securities and Exchange Commission for the year ended
December 31, 2009 and other filings
with the Securities and Exchange Commission. CODI undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
A copy of this press release, and of past press releases, is
available on Compass Diversified Holdings' website located at
www.compassdiversifiedholdings.com.
SOURCE Compass Diversified Holdings