Malibu Boats chief executive steps down

US boatbuilder Malibu Boats has confirmed that Jack Springer will be departing as chief executive officer on or before May 17, 2024.

In a statement issued on Tuesday (20 February 2024) the Tennessee-based firm confirmed 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 honour 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 fibreglass power boats in the world,” says Springer.

Springer will also step down from the board of directors upon his departure as CEO. If a new CEO has not been appointed by time he departs, 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.

The company reaffirmed its fiscal year 2024 guidance that it provided on January 30, 2024, as part of its second fiscal quarter earnings release.

For the full fiscal year 2024, Malibu anticipates net sales decline ranging from the mid-to-high thirties percentage, year-over-year, and adjusted EBITDA margin down 800 to 900 basis points, year-over-year.

Malibu designs boats under its namesake brand, as well as those under the Axis, Pursuit, Cobalt, Cobia, Pathfinder, Maverick and Hewes brands.

Main image courtesy of Malibu Boats.