Boating Industry March 2024 | Page 7

// INDUSTRY NEWS
Malibu Boats announces leadership change
Malibu Boats , Inc . announced that Jack Springer will be departing as CEO on or before May 17 , 2024 .
The company also announced 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 honor 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 fiberglass power boats in the world ,” commented Jack Springer , CEO and director of
Malibu Boats Inc . “ With all of our success , the greatest accomplishment has been the team we have amassed at Malibu from our leadership to our production line and every person in between . We have held each other accountable and demanded excellence from one another , and for that , I am deeply grateful and proud . We have been , and will continue to be , recognized for our culture of cutting-edge innovation and operational excellence that is executed with pride and passion . I will hold close the relationships I formed during my time at the company from our employees to dealers and suppliers to our investors and analysts . I have every confidence that Malibu will continue to grow , be better , and be stronger , as I continue to cheer this team on from the sidelines .”
Springer will resign as a director of Malibu ’ s Board of Directors upon his departure as CEO . If a new CEO has not been appointed at the time of Springer ’ s departure , 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 .
“ On behalf of the Board , I want to thank Jack for his countless efforts over the last 15 years , and we wish him well in his next chapter . During his tenure , Jack ’ s vision and operational leadership have been integral to growing Malibu Boats into the powerhouse it is today . Through a steadfast commitment to innovation , operational excellence and vertical integration , the company is positioned to enter its next phase of growth poised for further value creation ,” commented Hooks , Chair of Malibu Boats ’ Board of Directors . “ Malibu has a talented and deep leadership team , which will be further bolstered by the appointment of Ritchie to president . I am thrilled to announce this promotion , which reflects Ritchie ’ s continued leadership and contributions to Malibu and this team . The board will run a comprehensive search for its next CEO , considering both internal and external can-

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