Marine Products Corporation Board of Directors Appoints New Director Patrick J. Gunning

Rhea-AI Summary

Marine Products Corporation (NYSE: MPX) appointed Patrick J. Gunning to its Board of Directors effective January 1, 2021. Gunning, with a robust background in financial leadership, retired from EY in 2020 after 40 years, where he served as Partner and Southeast Region Leader. He replaces James B. Williams, who has been on the Board since 2001. CEO Richard A. Hubbell expressed optimism regarding Gunning's strategic insights to enhance the company. Marine Products specializes in fiberglass boats, boasting a diverse product line and a strong market position.

Positive

• Gunning's extensive experience in financial reporting and management is expected to strengthen the Board.
• Leadership change may foster new strategic directions and market opportunities.

Negative

• The retirement of James B. Williams may lead to concerns about continuity and experience gaps on the Board.

ATLANTA, Dec. 15, 2020 /PRNewswire/ -- Marine Products Corporation (NYSE: MPX) today announced the appointment of Patrick J. Gunning to the Board of Directors of the Company effective January 1, 2021. 

Gunning is the Chief Financial Officer of the Robert W. Woodruff Arts Center, Inc. in Atlanta, Georgia. Previously he held multiple leadership roles during his 40 years in public accounting prior to retirement from Ernst & Young LLP (EY) in 2020. These positions included Partner at EY, Southeast Region Leader of the Financial Accounting Advisory Services (FAAS) at EY, Assurance leader and Audit Partner for EY, Partner and Assurance Division Leader with Arthur Andersen LLP, and numerous additional regional leadership roles.  He will bring extensive financial reporting, accounting, management, and leadership experience to Marine Products Corporations' Board of Directors.

Richard A. Hubbell, President and Chief Executive Officer, stated "We are pleased to welcome Pat to our Board. He is an accomplished leader that will bring strategic insights to Marine Products Corporation."

Mr. Gunning will fill an upcoming board opening by the retirement of James B. Williams on December 31, 2020.  Mr. Williams joined the Board of Directors in 2001 and served with distinction on the Board and several committees, including the Audit Committee.  Mr. Hubbell also expressed the Company's appreciation for Mr. Williams' service and gratitude for his contributions over the past 19 years. 

Marine Products Corporation (NYSE: MPX) is a leading manufacturer of fiberglass boats under three brand names: Chaparral, Robalo and Vortex. Chaparral's sterndrive models include SSi and SSX, along with the Chaparral Surf Series.  Chaparral's outboard offerings include various models, such as OSX Luxury Sportboats, the 257 SSX, and SunCoast Sportdecks. Robalo builds an array of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models. Chaparral also offers jet powered boats under the Vortex brand name.  The Company continues to diversify its product lines through product innovation.  With premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance to build long-term shareholder value.  For more information on Marine Products Corporation visit our website at MarineProductsCorp.com.

For information contact:

BEN M. PALMER
Chief Financial Officer
(404) 321-7910
irdept@marineproductscorp.com 

JIM LANDERS
Vice President Corporate Services
(404) 321-2162
jlanders@marineproductscorp.com

 

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SOURCE Marine Products Corporation

FAQ

What is the significance of Patrick J. Gunning's appointment to the Board of Marine Products Corporation?

Patrick J. Gunning's appointment is significant as he brings extensive financial and leadership experience, which could enhance strategic decision-making.

Who did Patrick J. Gunning replace on the Board of Marine Products Corporation?

He replaced James B. Williams, who retired after nearly two decades of service.

How might the management change impact Marine Products Corporation's future?

The management change could introduce fresh perspectives and strategic insights, potentially improving overall performance and market share.

When did Patrick J. Gunning officially join the Board of Marine Products Corporation?

He officially joined the Board on January 1, 2021.