AAON

Leadership continuity and domain expertise are strengths. BASX co‑founder Matt J. Tobolski became CEO in May 2025, aligning top leadership with the company’s fastest‑growing vertical. In April 2026, AAON announced a CFO transition to Andy Cheung, while Rebecca Thompson returns to Chief Accounting Officer, deepening the bench as the company scales.

Founder Norm Asbjornson remains on the board, preserving long‑term owner‑operator DNA. We like the focus, transparency around 2025 challenges, and discipline in moderating ERP rollouts. Key risks are the complexity of multi‑site execution and maintaining field‑service reputation as volume accelerates.