Atlantic Diving Supply names new CEO, COO

Virginia Beach-based Atlantic Diving Supply Inc. (ADS) has promoted Ryan Angold to CEO, the company announced Tuesday.

Angold replaces Jason Wallace, who has stepped down from leading the company since 2014. Also, ADS promoted John Dunn to chief operating officer, adding to his duties as chief financial officer.

Their new roles took effect June 1.

For the past 11 years, Angold has climbed the ranks of ADS, which started as a small dive shop in 1979 and now supplies equipment to the federal government and military forces. He served in the U.S. Navy as a special warfare officer until sustaining a spinal cord injury in 2004. He transitioned to working in the defense industry and then joined ADS.

“Throughout his career, Ryan has served this country and brought expertise, experience and excellence to every position he has held,” Luke Hillier, chairman of the board, said in a statement.

He will oversee all aspects of the company’s business. In 2021, ADS recorded $3.1 billion in revenue.

In August 2019, the U.S. Department of Justice announced that Hillier, ADS’ majority owner and former CEO, had agreed to pay $20 million to settle allegations of fraudulently obtaining federal contracts reserved for small businesses. ADS settled its part of the dispute for $16 million in 2017. Admission of liability was not a part of either settlement. In 2020, ADS received further scrutiny when it applied for a Paycheck Protection Program loan worth between $2 million and $5 million after receiving $1 billion in government contracts in the last quarter of 2019 and $1.3 billion in backlog contract obligations in 2020, according to The Virginian-Pilot. The company was ranked the 22nd largest government contractor in fiscal year 2019.

Dunn joined ADS as corporate controller in 2003 and rose to vice president of finance in 2013. In 2017, ADS promoted him to chief financial officer, where he has led finance, business analytics and investor relations teams.

“John’s promotion to COO is a natural progression of the incredible work he’s already handling at ADS, having taken on a heavy role in the operational decision making of the business for some time,” Hillier said in a statement. “John’s promotion is a reflection and recognition of the terrific job he’s done for the company to date, and the trust and confidence the board, the company and its employees have in him.”

The company provides military equipment, army procurement, logistics and supply chain solutions for federal agencies and protective services.