Malibu Boats, Inc., the designer and manufacturer of the Malibu, Axis, Cobalt, Pursuit, Cobia, Pathfinder, Maverick, and Hewes boat brands, reported that Ritchie Anderson, company chief operating officer, was promoted to president, effective immediately.
Michael Hooks, Malibu’s chair of the Board of Directors, will assume the role of executive chair, effective immediately and until the company identifies a new CEO.
CEO Jack Springer is leaving the company on/or before May 17, 2024.
“For more than 15 years, I have had the honor of serving as Malibu’s CEO. During that time, we experienced explosive growth, margin expansion and cash flow generation. We have also acquired five companies, including three premium brands—Cobalt, Pursuit and Maverick Boats—to become one of the largest producers of fiberglass power boats in the world,” commented Springer.
“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,” concluded Springer.
Springer will resign as a director of Malibu’s Board of Directors upon his departure as CEO. If a new CEO is not appointed, then an interim Office of the CEO, including Anderson and Hooks, is established and will assume the CEO role.
Anderson reportedly has over 41 years of experience in the marine industry and has been the company’s COO since 2013, after joining Malibu in 2011.
Hooks has been a member of the company’s Board since 2006. He co-founded Black Canyon Capital, LLC, which acquired Malibu’s assets 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.
“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,” continued Hooks. “The Board will run a comprehensive search for its next CEO, considering both internal and external candidates. In the interim, I look forward to working more closely with Ritchie and the entire Malibu team to ensure a seamless transition as we maintain our track record of delivering the most innovative, highest quality boats in the marine industry.”
Fiscal 2024 Guidance
Malibu Boats also reaffirmed its fiscal year 2024 guidance that it provided on January 30 as part of its second fiscal quarter earnings release.
For the full fiscal year 2024, Malibu anticipates a net sales decline ranging from the mid-to-high 30s year-over-year and an Adjusted EBITDA margin down 800 to 900 basis points year-over-year.
Image courtesy Malibu Boats
