Compass Diversified Announces Appointment of Anne Cavassa as CEO of PrimaLoft
WESTPORT, Conn., Dec. 19, 2023 (GLOBE NEWSWIRE) -- Compass Diversified (NYSE:CODI) ("CODI" or the "Company"), an owner of leading middle market businesses, proudly announces the appointment of Anne Cavassa as the Chief Executive Officer of its subsidiary, PrimaLoft Inc., effective January 1st, 2024. This move follows Cavassa's recent appointment as President of the company. The changes come as former President and CEO, Mike Joyce, steps into retirement at year end after leading the company for 11 years. In his retirement, Joyce will assume the role of Vice Chair on PrimaLoft's Board of Directors.
Cavassa brings to PrimaLoft nearly three decades of experience marked by strategic leadership roles at several of America's most esteemed outdoor and active lifestyle brands. Her previous tenure as President of Saucony, coupled with her role as Senior Vice President and Chief Customer Experience Officer at Brooks Sports Inc., showcases her expertise in driving growth across the footwear and apparel sectors. She has also held pivotal leadership positions at Timberland, Nike, Reebok, Tommy Bahama, and Eddie Bauer. Cavassa holds a Bachelor of Arts from Loyola Marymount University.
"Anne is a seasoned industry leader with an impressive track record of propelling strategic growth," said Elias Sabo, CEO of Compass Diversified. "Her extensive knowledge across product design, merchandising, customer experience, and brand marketing positions her exceptionally well to lead PrimaLoft into the future. I also want to recognize and thank Mike for his significant contributions over the years and for advancing PrimaLoft's growth and innovation while at the helm."
Former PrimaLoft President and CEO, Mike Joyce, commented: "Our company purpose is to balance the intersection of people, products, and the planet. Anne embodies these beliefs and brings extensive leadership experience from renowned active lifestyle brands. This is an ideal opportunity to bring in a proven leader to help bring PrimaLoft to the next level and, for me, she was the only choice."
Zach Sawtelle, Chairman of PrimaLoft's Board of Directors added: "On behalf of the management team at CODI, I want to recognize Mike's leadership in building PrimaLoft into the outstanding business it is today. I'd also like to welcome Anne to the role of CEO. As an industry veteran, she is the ideal choice to continue to build on PrimaLoft's impressive performance, working to establish brand equity and strengthen the connection to the consumer."
"I am thrilled to be stepping into this role, supported by the exceptional team at PrimaLoft," said Anne Cavassa, President and CEO of PrimaLoft. "It is a privilege to join a company where my values are aligned with its founder, and I am happy to continue to work with Mike in his new position on the PrimaLoft Board of Directors. I'm excited to propel PrimaLoft into its next phase of growth, building on the brand's history of innovation, performance, and sustainability as we strengthen our connection with both our customers and with consumers."
About Compass Diversified
Since its founding in 1998, and IPO in 2006, CODI has consistently executed on its strategy of owning and managing a diverse set of highly defensible, middle-market businesses across the niche industrial, branded consumer and healthcare sectors. The Company leverages its permanent capital base, long-term disciplined approach, and actionable expertise to maintain controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. 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 has consistently generated strong returns through its culture of transparency, alignment and accountability. For more information, please visit compassdiversified.com.
About PrimaLoft
PrimaLoft, Inc. is an advanced material technology company based in Latham, New York, with offices in Xiamen, China. PrimaLoft is the world leader in the research and innovative development of high-performance insulation and fabric felt by you and the planet. The PrimaLoft® Brand, a registered trademark of PrimaLoft, Inc., is used by more than 950 top global brands in outdoor and fashion, home furnishings, work wear, hunting, and military applications. With its Relentlessly Responsible™ mission, PrimaLoft strives to balance performance & sustainability through innovation. Originally developed for the U.S. Army as a water-resistant, synthetic alternative to down, the brand is recognized today as a benchmark for providing unsurpassed comfort in any condition, while lessening its impact on the environment. PrimaLoft, Inc. is a subsidiary of Compass Diversified (NYSE:CODI). For more information, please visit primaloft.com, and follow PrimaLoft on Facebook, Instagram, and LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with regard to the expectations related to the future performance of PrimaLoft and CODI. Words such as "believes," "expects," "will," "anticipates," "intends," "continue," "projects," "potential," "assuming," 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, some of which are not currently known to CODI. In addition to factors previously disclosed in CODI's reports filed with the SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements: changes in the economy, financial markets and political environment; risks associated with possible disruption in CODI's operations or the economy generally due to terrorism, natural disasters, social, civil and political unrest or the COVID-19 pandemic; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); general considerations associated with the COVID-19 pandemic and its impact on the markets in which we operate; and other considerations that may be disclosed from time to time in CODI's publicly disseminated documents and filings. Further information regarding CODI and its subsidiaries and factors which could affect the forward-looking statements contained herein can be found in CODI's annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements speak only as of the date they are made. 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.
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