AAON, Inc. has announced the appointment of Matt J. Tobolski, Ph.D., as the new Chief Executive Officer (CEO), effective from the company's annual shareholders' meeting on May 13, 2025. Dr. Tobolski, who is currently serving as the President and COO of the company, will succeed Gary D. Fields. Fields will remain a member of the board of directors and serve as a special advisor to the board to ensure a smooth transition.
Under Gary D. Fields' leadership since he became President in 2016, sales of AAON have more than tripled, and the market capitalization of the company has grown over 500%. Since January 2024, Matt Tobolski has served as President and COO for AAON, playing an integral role in the company's transformational reorganization and positioning both brands, AAON and BASX, for sustainable long-term growth.
The press release also highlights the significant investments made by AAON in data center cooling production capacity, positioning the company for sustained growth. This is particularly relevant as Matt Tobolski has extensive leadership experience and a robust understanding of the engineering and manufacturing of HVAC systems, particularly in the data center thermal management market.
The story also showcases Tobolski's background, having co-founded BASX Solutions in 2013, a company that AAON later acquired in December 2021. Prior to AAON acquiring BASX, Tobolski helped build the business into an emerging player in the data center and cleanroom markets.
The press release emphasizes the seamless transition, with Gary Fields expressing confidence in the executive leadership team, led by Matt Tobolski, to take the company to the next level. Fields will continue to be involved as a mentor and advisor to ensure a smooth transition and support the company as it continues to evolve.
The market has reacted to these announcements by moving the company's shares -3.3% to a price of $110.3. Check out the company's full 8-K submission here.
