Brunswick CEO David Foulkes named board chair
The Brunswick Corporation board of directors has elected CEO David M. Foulkes as chair of the board, effective 1 March.
Non-executive board chair Nancy E. Cooper will remain on the Brunswick board, and board member David E. Everitt will assume the role of lead independent director.
“The board concluded that combining the board chair and CEO roles at this point in time is in the best interests of the company to drive the execution of our strategic plan, and we are pleased to appoint Dave as Brunswick’s chairman,” said Cooper. “During his tenure as CEO, Dave has positioned the company for sustained growth and resilience, as well as successfully navigating a very dynamic environment. His innovative thinking and proven executional excellence make him the ideal steward to take on the board chair position in addition to his role as CEO.”
“I am honoured to take on the board chair role at Brunswick and want to thank the board for the confidence they have placed in me,” said Foulkes. “I also want to thank Nancy for her outstanding leadership over the past five years as our board chair. I look forward to continuing to work with the board, our outstanding Brunswick leadership team, and our talented global workforce as we continue to chart the exciting future of our company and our industry.”
Foulkes was appointed chief executive officer and a member of the board of Brunswick Corporation in January 2019. Prior to this role, he served as president, Brunswick Consumer Solutions, as well as Brunswick’s chief technology officer. He joined Brunswick in 2007 and led Mercury Marine’s product development for ten years, also overseeing the Mercury Racing business.
Brunswick financial results
In late January, Brunswick reported its financial results for the fourth quarter and full year of 2024.
Brunswick reported a decline in net sales and earnings for both Q4 and full-year 2024, citing lower wholesale orders and reduced production levels. Despite these challenges, the company gained market share in outboard engines and maintained stable performance in key premium segments.
For the full year, net sales were $5.24bn, an 18.2 per cent decrease compared to 2023. Operating earnings on a GAAP basis were $311.6m, a decline of 57.6 per cent, while as-adjusted operating earnings were $495.4m, down 43 per cent. GAAP diluted earnings per share (EPS) from continuing operations were $2.21, representing a 63.9 per cent decrease, while as-adjusted diluted EPS was $4.57, down 48.1 per cent.
