Compass Diversified Holdings (NYSE: CODI) shares sank Tuesday. The company, an owner of leading middle market branded consumer and industrial businesses, announced that Matthew Blake has been named Chief Executive Officer of its subsidiary, Arnold Magnetic Technologies Corporation, a leading global manufacturer of high-performance electric motors, magnets, and thin metals, effective March 31, 2025.
Concurrent with his appointment, Blake will join Arnold’s Board of Directors. After a successful nine-year tenure as CEO, Dan Miller will be concluding his time at Arnold after a planned transition period ending April 30, 2025.
“On behalf of Compass and Arnold, I want to extend our sincere gratitude to Dan for his dedication and service in building Arnold into the industry leader it is today,” said CEO Elias Sabo.
“Under his leadership, Arnold has strengthened its position as a leading solutions provider, successfully navigated the COVID-19 pandemic and oversaw the company’s recent plant relocation. We wish him all the best. I also want to welcome Matt to both Arnold and Compass Diversified. With leadership experience spanning multiple facets of industrial manufacturing, I believe he is the ideal choice to lead Arnold in its next phase of growth.”
CODI shares kicked off Tuesday and April lower 30 cents, or 1.6%, to $18.41.
