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Compass Diversified names Offenberg as CEO

WESTPORT, Conn. (AP) -- Compass Diversified Holdings has named interim CEO Alan Offenberg to the position on a permanent basis.

Offenberg was named interim CEO in February 2011 when Compass said that CEO I. Joseph Massoud was taking a leave of absence in order to concentrate on an informal regulatory inquiry on matters unrelated to Compass.

Compass Diversified said Friday that Massoud has resigned as CEO and a director. Compass said the resignation follows an announcement that Massoud and the Securities and Exchange Commission had reached a settlement related to an investigation of personal trading matters from 2009. Massoud has neither admitted nor denied the SEC's claims.

Massoud also plans to step down as a managing member and will be replaced by Compass Group Management LLC founding partner Elias Sabo.

Offenberg, also a founding partner of Compass Group, will continue to serve as a board member for Compass Diversified.

Compass Diversified owns businesses that make circuit boards, furniture and other products. Shares of the Westport, Conn. company fell 8 cents to $14.16 in afternoon trading.