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TULSA, Okla. - AAON , Inc. (NASDAQ: NASDAQ:AAON), a prominent HVAC solutions provider with a market capitalization of $9.28 billion, announced the appointment of Matt J. Tobolski, PhD, as its new Chief Executive Officer effective May 13, 2025. The current CEO, Gary D. Fields, will transition to a role as a special advisor to the Board of Directors, while retaining his board membership.
Dr. Tobolski, who currently serves as AAON’s president and COO, will lead the company as it amplifies its focus on data center cooling technologies. His tenure at AAON began after the acquisition of BASX Solutions, a company he co-founded, in December 2021. Tobolski’s background includes a bachelor’s degree in civil engineering and advanced degrees in structural engineering.
A.H. "Chip" McElroy II, the independent chair of AAON’s board, expressed confidence in Tobolski’s ability to guide the company through its next growth phase, citing his vision and leadership skills.
Dr. Tobolski expressed his enthusiasm for the role and the company’s potential, noting the combined expertise of AAON and BASX will be leveraged to enhance the company’s industry standing.
Gary Fields, who has been with AAON since 2016 and served as CEO since May 2020, oversaw significant growth during his tenure, with sales tripling and market capitalization increasing by over 500%. According to InvestingPro data, the company maintains strong fundamentals with a 26% return on equity and impressive 22% revenue growth over the past five years. He will continue to support AAON’s evolution in his advisory capacity.
The transition will see Fields and Tobolski working closely over the next three months, ensuring a smooth handover of leadership responsibilities.
AAON, established in 1988 and headquartered in Tulsa, Oklahoma, is known for its customizable HVAC equipment, focusing on efficiency and long-term value. The company’s innovation center and testing facilities support its commitment to sustainable solutions. InvestingPro analysis reveals AAON’s robust financial health with a current ratio of 3.06 and moderate debt levels. For deeper insights into AAON’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering over 1,400 top US stocks.
The information for this article is based on a press release statement.
In other recent news, AAON, Inc. announced securing an $80 million term loan to support the expansion of its Memphis plant. This financial development involves amending its existing loan facilities, with the new term loan arranged by a consortium of lenders, including Bank of Oklahoma, Wells Fargo (NYSE:WFC) Bank, and U.S. Bank. The loan, effective immediately, will mature in December 2029, requiring monthly principal payments over the next five years. The funds will be directed towards the construction and outfitting of the Memphis facility, enhancing AAON’s manufacturing capabilities. Additionally, Wells Fargo Bank has assumed a $50 million portion of the revolving credit commitment previously held by JPMorgan Chase (NYSE:JPM) Bank. These strategic financial adjustments are part of AAON’s broader plan to boost production efficiency and meet increasing product demand. The company has filed the full terms of this amended loan agreement with the SEC, providing transparency for investors and stakeholders.
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