Malibu Boats announces leadership change | Boating Industry
Malibu Boats, Inc. announced that Jack Springer will be departing as CEO on or before May 17, 2024.
The Company also announced that Ritchie Anderson, the company’s current COO, has been promoted to president, effective immediately.
Michael Hooks, Malibu’s current chair, will assume the role of executive chair, effective immediately, until a new CEO is announced.
“For more than 15 years, I have had the honor of serving as Malibu’s CEO. During that time, we have experienced explosive growth, margin expansion and cash flow generation. We have also acquired five companies, including the addition of three premium brands – Cobalt, Pursuit and Maverick Boats – to become one of the largest producers of fiberglass power boats in the world,” commented Jack Springer, CEO and director of Malibu Boats Inc. “With all of our success, the greatest accomplishment has been the team we have amassed at Malibu from our leadership to our production line and every person in between. We have held each other accountable and demanded excellence from one another, and for that, I am deeply grateful and proud. We have been, and will continue to be, recognized for our culture of cutting-edge innovation and operational excellence that is executed with pride and passion. I will hold close the relationships I formed during my time at the company from our employees to dealers and suppliers to our investors and analysts. I have every confidence that Malibu will continue to grow, be better, and be stronger, as I continue to cheer this team on from the sidelines.”
Springer will resign as a director of Malibu’s Board of Directors upon his departure as CEO. If a new CEO has not been appointed at the time of Springer’s departure, an interim Office of the CEO, including Anderson and Hooks, has been established and will assume the role of CEO.
Anderson has over 41 years of experience in the marine industry and has served as the company’s COO since 2013, after joining Malibu in 2011. Hooks has been a member of the company’s board since 2006. He was a co-founder of Black Canyon Capital LLC, which acquired the assets of Malibu from its founder in 2006.
“On behalf of the Board, I want to thank Jack for his countless efforts over the last 15 years, and we wish him well in his next chapter. During his tenure, Jack’s vision and operational leadership have been integral to growing Malibu Boats into the powerhouse it is today. Through a steadfast commitment to innovation, operational excellence and vertical integration, the company is positioned to enter its next phase of growth poised for further value creation,” commented Hooks, Chair of Malibu Boats’ Board of Directors. “Malibu has a talented and deep leadership team, which will be further bolstered by the appointment of Ritchie to president. I am thrilled to announce this promotion, which reflects Ritchie’s continued leadership and contributions to Malibu and this team. The board will run a comprehensive search for its next CEO, considering both internal and external candidates. In the interim, I look forward to working more closely with Ritchie and the entire Malibu team to ensure a seamless transition as we maintain our track record of delivering the most innovative, highest quality boats in the marine industry.”
Source: https://boatingindustry.com/news/2024/02/22/malibu-boats-announces-leadership-change/
