MasterCraft Boat Holdings, Inc. appointed Brad Nelson as the next CEO and will nominate him to its Board of Directors, effective March 18. 

Nelson succeeds Fred Brightbill, who will retire as CEO on March 18 and as chairman and a member of MasterCraft’s Board of Directors, effective June 30.

Brightbill joined MasterCraft’s Board in 2009 and was appointed chairman in 2015, adding the role of CEO in 2019. Brightbill will remain a company consultant for one year after he retires from the Board.

Roch Lambert, lead independent director of the Board, will be appointed chairman, effective July 1. He joined the company’s Board in 2016 and became the lead independent director in 2019.

The company said that Nelson is an industry veteran with over 30 years of operating and manufacturing experience. Most recently, he was the EVP and president of the Commercial Segment of Oshkosh Corp., which reportedly generated $1.1 billion in annual revenue and maintained the number-one market position in key product categories in North America during his tenure. He was also instrumental in building “market-leading e-commerce and aftermarket businesses, with 18 service and sales centers, and underwent a major simplification effort and implementing a meaningful ‘people first’ culture change.”

Nelson earned an MBA from Brigham Young University and a BS in Business Administration from the University of Phoenix.

“On behalf of the Board, I’d like to thank Fred for his outstanding service as CEO of MasterCraft,” offered Lambert. “Over his tenure as CEO, Fred has been instrumental in crafting a new strategy for the company focused on customer centricity and quality, streamlining our operations and successfully navigating the pandemic, achieving record sales and earnings in the process. Fred has undoubtedly been integral to MasterCraft’s success, and, on a personal note, I’ve enjoyed working with him as a fellow board member for the past eight years. The Board and I look forward to continued collaboration and a seamless transition as we work to drive the company forward.”

Lambert continued, “Brad is a highly qualified leader with a compelling track record of success, and we are pleased to appoint him as the company’s next CEO. Succession planning is a key responsibility of the Board, and over the past several months, we conducted a comprehensive and thorough search to identify an executive with the strategic, operational, manufacturing, business development, and leadership expertise to continue executing our strategy. In Brad, we have found a proven executive who met our key criteria, and he has also demonstrated a strong focus on people, talent, culture and an ability to build and lead high-performing teams. As we usher in MasterCraft’s next phase of growth, the Board is confident that Brad will complement the deep bench of talent across our team and is the right person to lead MasterCraft into the future.”

Nelson commented, “I am honored to join MasterCraft at this exciting moment in the company’s history. As MasterCraft continues to execute on its near-term priorities, I am eager to hit the ground running and work alongside Fred and the entire leadership team to position the business for success and long-term sustainable value creation for all of our stakeholders.”

Brightbill commented, “Since joining the MasterCraft Board fifteen years ago, I have had the pleasure of witnessing the tremendous growth and success of our company and the MasterCraft, Crest, and Aviara brands. During my tenure, MasterCraft achieved record sales and profits through an overriding focus on providing the best customer experience. The company’s strong balance sheet and substantial liquidity provide the foundation for future growth. 

“Thanks to the hard work of our talented team, MasterCraft is well-positioned to accelerate its growth as the industry emerges from the current cyclical slowdown. With the company operating from a position of strength, now is the right time to begin this transition. The Board is confident that Brad is the right person to take MasterCraft’s performance to the next level. This is a pivotal time for MasterCraft, and I look forward to working with Brad and my colleagues on the Board to ensure a smooth transition as we execute on our near-term priorities.”

Fiscal Third Quarter and Full Year 2024 Guidance
Mastercraft also reiterated its fiscal third quarter and full-year 2024 guidance previously provided on February 7, 2024. The company’s outlook is as follows:

  • Consolidated net sales are expected to be between $400 million and $412 million, with Adjusted EBITDA between $42 million and $47 million and Adjusted Earnings per share between $1.53 and $1.78. The company expects capital expenditures to be approximately $20 million for the full year.
  • For the third quarter of fiscal 2024, consolidated net sales are expected to be approximately $92 million, with Adjusted EBITDA of approximately $7 million and Adjusted Earnings per share of approximately 23 cents.

Images courtesy Mastercraft