Driven Brands Appoints New CFO

Driven Brands announced the appointment of Michael Diamond as executive vice president and chief financial officer, effective August 9, 2024, according to a news release.

 

Joel Arnao, who has served as interim CFO since May 2024, will continue in his role as senior vice president of financial planning and analysis, investor relations, and treasury.

 

“We are very excited to welcome Mike to the Driven team,” said Jonathan Fitzpatrick, president and CEO. “I look forward to partnering with him as we maintain our focus on delivering results. Mike is a proven leader who brings deep experience leading financial teams, a strong track record of successfully driving growth strategies, and mergers and acquisitions expertise.”

 

“We thank Joel for his dedication and outstanding contributions while serving in the interim role,” Fitzpatrick added. “As we look ahead, our entire team is committed to executing our strategic initiatives, deleveraging, and enhancing value for our shareholders.”

 

Diamond has extensive financial and multi-unit experience. Most recently, he served as the CFO of The Michaels Companies, a scaled multi-unit company. Prior to Michaels, he spent six years at Yum! Brands in senior finance leadership roles, culminating as the CFO of Pizza Hut, United States. He started his career in private equity and spent four years at the Boston Consulting Group. Diamond received a Bachelor of Science in Business Administration from Notre Dame University and a Master of Business Administration in finance and strategy from Harvard Business School.

 

“I am thrilled to join the Driven Brands family during this important time in the company’s development. Driven is the clear leader in the automotive aftermarket with strong brands, distinct competitive advantages, and significant opportunities ahead in a highly fragmented and needs-based industry,” said Diamond. “I look forward to working with Jonathan and the leadership team to execute on the strategy and build upon the strong growth that Driven Brands has delivered over time.”

 

Driven Brands is the parent company of some of North America’s leading automotive service businesses, including Take 5 Oil Change, Take 5 Car Wash, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C, Auto Glass Now, and CARSTAR.

 

Driven Brands has more than 5,000 locations across 13 countries and services approximately 70 million vehicles annually. Driven Brands’ network generates approximately $2.3 billion in annual revenue from approximately $6.4 billion in system-wide sales.