Compel Holdings Inc. announced the appointment of Gregg A. Searle as president and chief executive officer, succeeding Bob McClory, the founder of Compel (www.compel.com). McClory will continue to serve on Compel's board of directors.
Compel Holdings, based in Santa Fe Springs, CA, is the organization that formerly was three separate firms-Compel, Fortran, and Mahon. Morgenthaler, a buyout and venture-capital firm, purchased all three companies approximately a year and a half ago. McClory founded Compel 23 years ago.
"We would like to express our appreciation to Bob for making important contributions during the first year and a half of our ownership," said John Lutsi, chairman of the board and general partner with Morgenthaler. "When we bought the three companies that now comprise Compel Holdings, we asked Bob to lead the integration of these companies into an integrated, national platform. Having accomplished our objectives, Bob approached the board about reducing his time commitment to Compel to pursue other personal interests."
