Malibu Boats CEO to Depart in 2024 as Shares Crash

By Bobby Samwell • Tuesday, February 20 10:49 • Permanent Link

Malibu Boats, Inc. has announced significant leadership changes, with Chief Executive Officer (CEO) Jack Springer set to depart on or before May 17, 2024. Ritchie Anderson, the current Chief Operating Officer (COO), has been promoted to president, effective immediately. Additionally, Michael Hooks, the company's current chair, will assume the role of executive chair, also effective immediately, until a new CEO is appointed.

Jack Springer, the departing CEO, expressed gratitude and pride in the company's accomplishments during his tenure. He highlighted the company's explosive growth, margin expansion, and cash flow generation, as well as the acquisition of five companies, including three premium brands. Springer emphasized the significance of the team at Malibu and expressed confidence in the company's future growth and strength.

Upon Springer's departure, an interim office of the CEO, including Anderson and Hooks, has been established and will assume the role of CEO if a new appointment has not been made at that time.

Michael K. Hooks, chair of Malibu Boats' board of directors, thanked Jack Springer for his contributions and vision over the past 15 years, acknowledging his integral role in growing Malibu Boats into its current powerhouse status. Hooks expressed confidence in the company's talented and deep leadership team and announced a comprehensive search for the next CEO, considering both internal and external candidates.

Regarding the company's fiscal 2024 guidance, Malibu Boats reiterated its previously provided guidance, anticipating a net sales decline ranging from the mid-to-high thirties percentage year-over-year and an adjusted EBITDA margin down 800 to 900 basis points year-over-year.

Malibu Boats, Inc., based in Loudon, Tennessee, is a leading designer, manufacturer, and marketer of recreational powerboats, with a diverse range of offerings catering to different segments of the market, including performance sport, sterndrive, and outboard boats.

Following the announcement, the company's shares experienced a -8.2% movement and are currently trading at a price of $43.61.

The company's full 8-K submission is available here.

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