LOUDON, Tenn. - Malibu Boats, Inc. (NASDAQ:MBUU), a prominent manufacturer of recreational powerboats, has announced significant executive leadership transitions. Jack Springer is set to leave his role as Chief Executive Officer by May 17, 2024. The company has promoted Ritchie Anderson, previously Chief Operating Officer, to President effective immediately. Concurrently, Michael Hooks, the current Chair, will take on the role of Executive Chair until a new CEO is appointed.
Springer, who has led Malibu Boats for over 15 years, played a pivotal role in the company's substantial growth and the acquisition of five companies, including three premium brands. Under his leadership, Malibu Boats has become one of the world's largest producers of fiberglass power boats. Springer expressed his gratitude for the team's achievements and is confident in the company's continued success post his departure.
Upon his exit, Springer will also resign as a Director of Malibu's Board of Directors. Should a new CEO not be appointed by the time of his departure, an interim Office of the CEO, including Anderson and Hooks, will assume the CEO responsibilities.
Anderson brings over four decades of experience in the marine industry to his new role as President, having joined Malibu in 2011 and serving as COO since 2013. Hooks has been a board member since 2006 and was a co-founder of Black Canyon Capital LLC, which acquired the assets of Malibu from its founder in 2006.
The Board of Directors commended Springer for his dedication and impact on Malibu Boats and expressed enthusiasm for Anderson's promotion, highlighting his contributions and leadership within the company.
In addition to the leadership changes, Malibu Boats reaffirmed its fiscal year 2024 guidance, initially provided on January 30, 2024. The company anticipates a net sales decline in the mid-to-high thirties percentage range year-over-year, along with an Adjusted EBITDA margin decrease of 800 to 900 basis points compared to the previous year.
The press release also included a cautionary note on forward-looking statements, outlining various risks and uncertainties that could impact the company's actual results.
Malibu Boats, headquartered in Loudon, Tennessee, is recognized for its innovation and quality in the powerboat industry, with a diverse range of products appealing to recreational boaters and water sports enthusiasts. The information in this article is based on a press release statement from Malibu Boats, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.