BRP ANNOUNCES LEADERSHIP CHANGE IN ITS MARINE GROUP

Rhea-AI Summary

BRP Inc. announces the appointment of Bernard Guy as President of the Marine Group, replacing Karim Donnez. BRP aims for strong Marine results in fiscal year 2024 with projected revenue growth of 35% to 40% compared to fiscal year 2023.

Positive

• Bernard Guy appointed President of BRP's Marine Group, bringing extensive experience to drive strategic plan for Marine industry transformation. Projected revenue growth of 35% to 40% in fiscal year 2024.

Negative

• Karim Donnez leaving BRP, which may impact leadership stability and implementation of Marine group's strategic plan.

VALCOURT, QC, June 5, 2023 /PRNewswire/ - BRP Inc. (TSX: DOO) (NASDAQ: DOOO) is proud to announce that long-standing BRP executive Bernard Guy is appointed to the position of President, Marine Group, effective today. Mr. Guy also keeps his current leadership responsibilities for global product strategy for both the Powersports and Marine groups. Karim Donnez, President of the Marine Group, is leaving BRP to take on new professional challenges.

"I am pleased to appoint Bernard Guy as President of our Marine Group," said José Boisjoli, President and CEO of BRP. "Throughout his career with BRP, Bernard has shared our values of passion and drive to create the ultimate experience for our customers. As a trusted and seasoned executive, Bernard is the ideal candidate to continue working on our strategic plan to transform the Marine industry, alongside our talented Marine management team. We thank Karim for his contributions to our organization and for leading our Marine strategy over the past few years."

Since 2018, BRP has acquired three boat companies to build its Marine Group, with renowned brands such Alumacraft, Manitou and Quintrex, and implemented a strategy to transform the recreational boating industry and offer customers a superior experience. Last summer, BRP launched fully redesigned boats and pontoons equipped with the groundbreaking Rotax S engine with Stealth technology, which won several awards and praise from the industry.

BRP is aiming to deliver strong Marine results in fiscal year 2024, with projected revenue growth of 35% to 40% compared to fiscal year 2023.

About Bernard Guy

Throughout his career spanning over 35 years at BRP, Bernard Guy has held different management positions, leveraging his expertise in engineering, procurement, strategy, product planning, sales and marketing. In 2022, Mr. Guy was named Executive Vice-President, Global Product Strategy, a position that he will continue to assume in addition to his new responsibilities with the Marine Group. As a die-hard powersports fan himself, an adrenaline lover who enjoys the great outdoors, he is driven by product innovation and rider experience.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release, including, but not limited to, statements relating to the Company's Marine results in Fiscal Year 2024, including projected revenue growth, statements about the Company's current and future plans, including leadership changes in the Marine group and its expected impact on such group and its strategic plan, and other statements about the Company's prospects, expectations, anticipations, estimates and intentions, results, levels of activity, performance, objectives, targets, goals or achievements, priorities and strategies, financial position, market position, ability to gain additional market shares, capabilities, competitive strengths, beliefs, the prospects and trends of the industries in which the Company operates, research and product development activities, including the expectation of regular flow of new product introductions, their projected design, characteristics, capacity or performance, expected scheduled entry to market and the anticipated impact of such products, expected financial requirements and the availability of capital resources and liquidities or any other future events or developments and other statements that are not historical facts constitute forward-looking statements within the meaning of Canadian and United States securities laws. The words "may", "will", "would", "should", "could", "expects", "forecasts", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "outlook", "predicts", "projects", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, both general and specific, including those described below.

The Company made a number of economic, market and operational assumptions in preparing and making certain forward-looking statements contained in this press release, including the following: reasonable industry growth ranging from slightly down to slightly up, that is based on the assumption that supply chain disruptions continue to improve; market share will remain constant or moderately increase; stable global and North American economic conditions, a limited impact from the military conflict between Russia and Ukraine and the COVID-19 pandemic; main currencies in which the Company operates will remain at near current levels; inflation is expected to remain elevated from strong demand, supply shortages and high energy prices, and is expected to gradually decline as central banks gradually increase interest rates; there will be no significant changes in tax laws or free trade arrangements or treaties applicable to the Company; the Company's margins, will remain at current levels; the supply base will remain able to support product development and planned production rates on commercially acceptable terms in a timely manner; no new trade barriers will be imposed amongst jurisdictions in which the Company carries operations; the absence of unusually adverse weather conditions, especially in peak seasons. The Company cautions that its assumptions may not materialize and that global economic and political conditions, combined with one or more of the risks and uncertainties discussed in the Company's annual information form dated March 22, 2023, may render such assumptions, although believed reasonable at the time they were made, inaccurate. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company or the industry to be materially different from the outlook or any future results or performance implied by such statements.

About BRP

BRP Inc. is a global leader in the world of powersports products, propulsion systems and boats built on over 80 years of ingenuity and intensive consumer focus. Through its portfolio of industry-leading and distinctive brands featuring Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft, BRP unlocks exhilarating adventures and provides access to experiences across different playgrounds. The Company completes its lines of products with a dedicated parts, accessories and apparel portfolio to fully optimize the riding experience. Committed to growing responsibly, BRP is developing electric models for its existing product lines and exploring new low voltage and human assisted product categories. Headquartered in Quebec, Canada, BRP has annual sales of CA$10 billion from over 130 countries and a global workforce of close to 23,000 driven, resourceful people.

www.brp.com  
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Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

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SOURCE BRP Inc.

FAQ

Who is the new President of BRP's Marine Group?

Bernard Guy is the new President of BRP's Marine Group, bringing extensive experience to drive the strategic plan for transforming the Marine industry.

What is BRP's projected revenue growth for fiscal year 2024?

BRP aims for a projected revenue growth of 35% to 40% in fiscal year 2024 compared to fiscal year 2023.

Who is leaving BRP's Marine Group?

Karim Donnez is leaving BRP's Marine Group to pursue new professional challenges.