Malibu Boats, Inc. has announced the appointment of Steven D. Menneto as its new Chief Executive Officer (CEO), effective August 5, 2024. This appointment follows Mr. Menneto's tenure at Polaris, Inc., where he served as the President of the off-road vehicle division, playing a key role in nearly doubling the division's revenue to $7 billion over four years. At Polaris, he also led the significant growth of the Indian motorcycle business from $3 million to approximately $500 million in revenue.
The company's President, Ritchie Anderson, and the Chair of the Board, Michael K. Hooks, will see their roles conclude with Mr. Menneto's appointment. However, Mr. Hooks will continue as the Board Chair, and Mr. Anderson will remain as the company's president.
Steven D. Menneto expressed his enthusiasm about joining Malibu Boats, acknowledging the company’s stellar track record, history of innovation, and top-of-the-line products. He aims to leverage the company’s growth opportunities to build a better business while maintaining the delivery of high-quality boats and creating value for all stakeholders.
Mr. Menneto's extensive experience at Polaris, Inc. includes various positions since 1997, with his most recent role being the President of the off-road vehicle division. He also served as the President of the motorcycle division from May 2009 to December 2019, contributing to significant growth in both segments. Mr. Menneto's educational background includes a B.S. in business administration from Northeastern University and an M.B.A. from Rensselaer Polytechnic Institute.
The appointment of Steven D. Menneto as the new CEO reflects Malibu Boats' strategic move to bring in a leader with a proven track record of driving revenue growth and managing global manufacturing operations. This transition marks a significant change in the company's leadership, and shareholders and industry stakeholders will be keen to see how the company will perform under Mr. Menneto's leadership. As a result of these announcements, the company's shares have moved -0.2% on the market, and are now trading at a price of $37.79. For more information, read the company's full 8-K submission here.
