Compass Diversified Announces the Passing of Director D. Eugene Ewing

Rhea-AI Summary

Compass Diversified (NYSE: CODI) announced the passing of D. Eugene Ewing, a long-serving member of its Board of Directors, on January 9, 2022. Mr. Ewing was recognized for his significant contributions to CODI's success and served as the Chairman of the Audit Committee and Independent Lead Director. CODI has decided not to fill his board seat at this time. The company continues to operate a diverse portfolio of middle market businesses to generate long-term value.

Positive

• Strong leadership history with D. Eugene Ewing contributing to CODI's growth.
• CODI maintains a diverse portfolio of ten subsidiaries across various markets.

Negative

• Loss of a key board member may impact governance and strategic decisions.

WESTPORT, Conn., Jan. 14, 2022 (GLOBE NEWSWIRE) -- Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle market businesses, today announced with great sadness that D. Eugene Ewing, a valued member of the CODI Board of Directors, passed away on January 9, 2022. Mr. Ewing served as a director of the Company since April 2006, as Chairman of the Company’s Audit Committee from April 2006 through October 2021, and as Independent Lead Director from July 2019 through October of 2021. Mr. Ewing’s seat on the Company’s Board of Directors will not be filled at this time.

C. Sean Day, Chairman of CODI, said, “We are deeply saddened by the loss of our longtime friend and fellow board member, Gene Ewing. For over 15 years, Gene actively contributed to the evolution of CODI’s business and our success, acting as a guiding force in the Company’s development and growth. Gene was involved, engaged and focused on every facet of what makes CODI a success. We were very fortunate to have a leader as charismatic, committed and inspiring as Gene serve on our Board and support our entire leadership team. He will be greatly missed by his friends and colleagues on the Board and throughout the Company. On behalf of the full Board and CODI team, I express my deepest condolences to the entire Ewing family.”

About Compass Diversified (“CODI”)

CODI owns and manages a diverse set of highly defensible North American middle market businesses. Each of its current subsidiaries is a leader in its niche market.

Leveraging its permanent capital base, long-term disciplined approach and actionable expertise, CODI maintains controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. CODI 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 its long-term growth and has consistently generated strong returns through its culture of transparency, alignment and accountability.

Our ten majority-owned subsidiaries are engaged in the following lines of business:

• The design and marketing of purpose-built technical apparel and gear serving a wide range of global customers (5.11);
• The manufacture of quick-turn, small-run and production rigid printed circuit boards (Advanced Circuits);
• The design and manufacture of custom packaging, insulation and componentry (Altor Solutions);
• The manufacture of engineered magnetic solutions for a wide range of specialty applications and end-markets (Arnold Magnetic Technologies);
• The design, engineering and marketing of dial based fit systems delivering a scientifically proven performance advantage for athletes (BOA Technology);
• The design and marketing of wearable baby carriers, strollers and related products (Ergobaby)
• The design, manufacture, and marketing of high-end, one-of-a-kind jewelry (Lugano Diamonds);
• The design and manufacture of baseball and softball equipment and apparel (Marucci Sports);
• The manufacture and marketing of portable food warming systems used in the foodservice industry, creative indoor and outdoor lighting, and home fragrance solutions for the consumer markets (Sterno); and
• The design, manufacture and marketing of airguns, archery products, optics and related accessories (Velocity Outdoor).

Forward Looking Statements
This press release may contain certain forward-looking statements, including statements with regard to the future performance of CODI. Words such as "believes," "expects," 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 SEC for the year ended December 31, 2020, as supplemented by the risk factor discussion in the Form 10-Q filed by CODI with the SEC for the quarter ended September 30, 2021, and other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations: The IGB Group Leon Berman 212.477.8438 lberman@igbir.com

Media Contact: Joele Frank, Wilkinson Brimmer Katcher Jon Keehner / Kate Thompson / Lyle Weston 212-355-4449

FAQ

What happened to D. Eugene Ewing from CODI?

D. Eugene Ewing passed away on January 9, 2022.

How long was D. Eugene Ewing on CODI's Board of Directors?

He served on the Board since April 2006.

Will CODI fill D. Eugene Ewing's board seat?

CODI has announced that his seat will not be filled at this time.

What is CODI's approach to business management?

CODI focuses on maintaining controlling ownership interests in its subsidiaries to maximize long-term value.

How does CODI generate cash flow?

CODI utilizes cash flows from its subsidiaries to invest in long-term growth.