Malibu Boats, Inc. Announces Appointment of Steven D. Menneto as CEO
Malibu Boats (Nasdaq: MBUU) has appointed Steven D. Menneto as its new CEO, effective August 5, 2024. Menneto, who will also join the Board of Directors, comes from Polaris where he was President of the Off-Road Vehicle Division. In his previous role, he nearly doubled division revenue to $7 billion over four years. Menneto's appointment ends the Office of the CEO, with Michael K. Hooks remaining as Board Chair and Ritchie Anderson as President.
Menneto's experience includes growing Polaris' Motorcycle Division, increasing Indian Motorcycle's revenue from $3 million to $500 million. The Board cited Menneto's track record of leading growth and his experience across functional areas, especially in sales and distribution management, as key factors in his selection.
Malibu Boats (Nasdaq: MBUU) ha nominato Steven D. Menneto come nuovo CEO, con decorrenza dal 5 agosto 2024. Menneto, che entrerà anche a far parte del Consiglio di Amministrazione, proviene da Polaris, dove era Presidente della Divisione Veicoli Fuoristrada. Nel suo ruolo precedente, ha quasi
L'esperienza di Menneto include la crescita della Divisione Moto di Polaris, aumentando il fatturato di Indian Motorcycle da 3 milioni a 500 milioni di dollari. Il Consiglio ha citato il track record di Menneto nella guida della crescita e la sua esperienza in diverse aree funzionali, in particolare nella gestione vendite e distribuzione, come fattori chiave nella sua selezione.
Malibu Boats (Nasdaq: MBUU) ha nombrado a Steven D. Menneto como su nuevo CEO, que entrará en vigor el 5 de agosto de 2024. Menneto, quien también se unirá a la Junta Directiva, proviene de Polaris, donde era Presidente de la División de Vehículos Todo Terreno. En su rol anterior, casi duplicó los ingresos de la división a 7 mil millones de dólares en cuatro años. El nombramiento de Menneto pone fin a la Oficina del CEO, con Michael K. Hooks permaneciendo como Presidente de la Junta y Ritchie Anderson como Presidente.
La experiencia de Menneto incluye el crecimiento de la División de Motocicletas de Polaris, aumentando los ingresos de Indian Motorcycle de 3 millones a 500 millones de dólares. La Junta destacó el historial de Menneto en liderar el crecimiento y su experiencia en áreas funcionales, especialmente en la gestión de ventas y distribución, como factores clave en su selección.
말리부 보트(Malibu Boats) (나스닥: MBUU)는 스티븐 D. 메네토(Steven D. Menneto)를 2024년 8월 5일부터 새로운 CEO로 임명했습니다. 메네토는 이사회에도 합류하며, 이전에 폴라리스에서 오프로드 차량 부문 사장이었습니다. 그의 이전 역할에서 그는 부문의 매출을 70억 달러로 거의 두 배로 증가시켰습니다 다. 메네토의 임명으로 CEO 사무소는 종료되며, 마이클 K. 훅스(Michael K. Hooks)는 이사회 의장으로 남고 리치 앤더슨(Ritchie Anderson)은 사장으로 남습니다.
메네토의 경험에는 폴라리스의 오토바이 부문 성장도 포함되어 있으며, 인디언 모터사이클의 매출을 300만 달러에서 5억 달러로 증가시켰습니다. 이사회는 메네토의 성장 주도 실적과 특히 판매 및 유통 관리에서의 경험을 그의 선택의 중요한 요소로 언급했습니다.
Malibu Boats (Nasdaq: MBUU) a nommé Steven D. Menneto comme nouveau PDG, prenant effet le 5 août 2024. Menneto, qui rejoindra également le Conseil d'Administration, vient de Polaris où il était Président de la Division des Véhicules Tout-Terrain. Dans son rôle précédent, il a presque doubler les revenus de la division à 7 milliards de dollars en quatre ans. La nomination de Menneto met fin au Bureau du PDG, Michael K. Hooks restant Président du Conseil et Ritchie Anderson en tant que Président.
L'expérience de Menneto comprend le développement de la Division des Motos de Polaris, augmentant le chiffre d'affaires d'Indian Motorcycle de 3 millions à 500 millions de dollars. Le Conseil a cité le parcours de Menneto en matière de croissance et son expérience dans divers domaines fonctionnels, en particulier en gestion des ventes et distribution, comme des facteurs clés dans sa sélection.
Malibu Boats (Nasdaq: MBUU) hat Steven D. Menneto zum neuen CEO ernannt, der am 5. August 2024 in Kraft tritt. Menneto, der auch dem Vorstand beitreten wird, kommt von Polaris, wo er Präsident der Off-Road-Fahrzeugdivision war. In seiner vorherigen Rolle hat er den Umsatz der Division in vier Jahren auf 7 Milliarden Dollar fast verdoppelt. Mennetos Ernennung beendet das Büro des CEO, während Michael K. Hooks Vorsitzender des Vorstands bleibt und Ritchie Anderson Präsident wird.
Mennetos Erfahrung umfasst das Wachstum der Motorraddivision von Polaris, wobei der Umsatz von Indian Motorcycle von 3 Millionen Dollar auf 500 Millionen Dollar gesteigert wurde. Der Vorstand nannte Mennetos Erfolgsbilanz im Wachstum und seine Erfahrungen in verschiedenen Funktionsbereichen, insbesondere im Vertriebsmanagement, als entscheidende Faktoren für seine Auswahl.
- Appointment of experienced CEO with proven track record of revenue growth
- New CEO nearly doubled revenue to $7 billion in previous role at Polaris
- CEO's background includes successful growth of Indian Motorcycle from $3M to $500M revenue
- Board expansion from 9 to 10 members, potentially bringing additional expertise
- None.
LOUDON, Tenn., July 22, 2024 (GLOBE NEWSWIRE) -- Malibu Boats, Inc. (Nasdaq: MBUU) today announced the appointment of Steven D. Menneto as its new Chief Executive Officer (“CEO”), effective August 5, 2024. Mr. Menneto will also join Malibu Boats’ Board of Directors (the “Board”), which will increase from nine to ten members. In connection with Mr. Menneto’s appointment, the Office of the CEO, consisting of Ritchie Anderson, the Company’s President, as well as Michael K. Hooks, the Chair of the Board, will end. Mr. Hooks will remain Board Chair and Mr. Anderson will remain President of the Company.
Mr. Menneto joins Malibu Boats from Polaris, where he was most recently President of the Off-Road Vehicle Division. In that role he nearly doubled the division’s revenue to
Mr. Hooks stated, “We are thrilled to welcome Steve as our new CEO. The Board conducted a comprehensive search process that included discussions with multiple highly qualified candidates who were attracted by the opportunity to lead a premier manufacturer with premium brands across multiple segments. Steve emerged as the clear choice given the direct alignment of his experience, skill set and track record with our business needs and strategic priorities. He brings a well-rounded background with experience across functional areas and especially sales and managing distribution. Steve has a demonstrated history of leading organizations through periods of growth and is the ideal candidate to build on our strong foundation and drive further value creation.”
Mr. Menneto stated, “I am honored and excited to be named Malibu Boats’ next CEO. I have long admired the company’s stellar track record, history of innovation and top of the line products. As I take on this role, I look forward to helping the company leverage its excellent growth opportunities. With the support of Malibu Boats’ tremendous team, I believe there is a great deal we can achieve to build an even better business while continuing to provide the highest quality boats on the market and delivering for all our stakeholders.”
Steven Menneto Biography
Mr. Menneto, 59, previously served in various positions at Polaris, Inc., a manufacturer of powersports vehicles, since 1997, most recently as President of the Off-Road Vehicle Division from December 2019 to July 2024. From May 2009 to December 2019, Mr. Menneto was President of the Motorcycle Division of Polaris, and prior to May 2009, he held various roles in sales at Polaris.
Mr. Menneto previously served on the boards of directors of Polaris Acceptance Inc., a floor plan financing joint venture with Wells Fargo Bank, N.A., and Motorcycle Industry Council, a not-for-profit trade association. Mr. Menneto received a B.S. in Business Administration from Northeastern University and received an M.B.A. from Rensselaer Polytechnic Institute.
Cautionary Statement Concerning Forward Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and includes statements in this press release regarding the ability to build a better business and deliver value to stockholders of the Company. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: general industry, economic and business conditions; the Company’s large fixed cost base; increases in the cost of, or unavailability of, raw materials, component parts and transportation costs; disruptions in the Company’s suppliers’ operations; the Company’s reliance on third-party suppliers for raw materials and components and any interruption of the Company’s informal supply arrangements; the Company’s reliance on certain suppliers for our engines and outboard motors; the Company’s ability to meet its manufacturing workforce needs; the Company’s ability to grow its business through acquisitions and integrate such acquisitions to fully realize their expected benefits; the Company’s growth strategy which may require it to secure significant additional capital; the Company’s ability to protect its intellectual property; disruptions to the Company’s network and information systems; risks inherent in operating in foreign jurisdictions; a natural disaster, global pandemic or other disruption at the Company’s manufacturing facilities; increases in income tax rates or changes in income tax laws; the Company’s dependence on key personnel; the Company’s ability to enhance existing products and market new or enhanced products; the continued strength of the Company’s brands; the seasonality of the Company’s business; intense competition within the Company’s industry; increased consumer preference for used boats or the supply of new boats by competitors in excess of demand; competition with other activities for consumers’ scarce leisure time; changes in currency exchange rates; inflation and increases in interest rates; an increase in energy and fuel costs; the Company’s reliance on its network of independent dealers and increasing competition for dealers; the financial health of the Company’s dealers and their continued access to financing; the Company’s obligation to repurchase inventory of certain dealers; the Company’s exposure to claims for product liability and warranty claims; any failure to comply with laws and regulations including environmental, workplace safety and other regulatory requirements; the Company’s variable rate indebtedness which subjects it to interest rate risk; the Company’s obligation to make certain payments under a tax receivables agreement; and other factors affecting us detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside the Company’s control, and there may be other risks and uncertainties which the Company does not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although the Company believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that its expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation (and the Company expressly disclaims any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise.
About Malibu Boats, Inc.
Based in Loudon, Tennessee, Malibu Boats, Inc. (MBUU) is a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport, sterndrive and outboard boats. Malibu Boats, Inc. is the market leader in the performance sport boat category through its Malibu and Axis boat brands, the leader in the 20’ - 40’ segment of the sterndrive boat category through its Cobalt brand, and in a leading position in the saltwater fishing boat market with its Pursuit and Cobia offshore boats and Pathfinder, Maverick, and Hewes flats and bay boat brands. A pre-eminent innovator in the powerboat industry, Malibu Boats, Inc. designs products that appeal to an expanding range of recreational boaters, fisherman and water sports enthusiasts whose passion for boating is a key component of their active lifestyles. For more information, visit www.malibuboats.com, www.axiswake.com, www.cobaltboats.com, www.pursuitboats.com, or www.maverickboatgroup.com.
Contacts
Malibu Boats, Inc. InvestorRelations@MalibuBoats.com
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