- Push-out Score determined
- After 21 years in the position
- Ben Palmer taking over
- Hubbell will remain as Executive Chairman at Marine Products
- Hubbell said 62 words
(exechange) — Atlanta, Georgia, May 17, 2022 — Richard Hubbell, chief executive of Marine Products, leaves his position. As announced by Marine Products Corp. in a news release on Tuesday, May 17, 2022, Richard A. Hubbell leaves his post as chief executive officer at the manufacturer of fiberglass boats under the brand names of Chaparral and Robalo, after 21 years in the role, effective immediately.
It is the end of an era.
Richard Hubbell’s duties as CEO will be taken over by Ben M. Palmer, most recently Chief Financial Officer at Marine Products Corp.
“Consistent with our history of management continuity”
Marine Products did not give an explicit reason for Richard Hubbell’s departure from the CEO post. Richard A. Hubbell said: “Our announcement today is consistent with our history of management continuity.”
Hubbell will remain as Executive Chairman at Marine Products
Marine Products stated: “The following changes to Marine Products’ Executive Officers and Board of Directors are effective immediately:
- The transition of Richard A. Hubbell, President and Chief Executive Officer, to Executive Chairman of the Board of Directors;
- The relinquishment by Gary W. Rollins of his position as Marine Products Corporation’s Non-Executive Chairman of the Board, while continuing as a Company Director;
- The promotion of Ben M. Palmer, Chief Financial Officer, to President and Chief Executive Officer, and his election by the Board as a Class I Director;
- The appointment of Michael L. Schmit to Chief Financial Officer and Corporate Secretary.”
Share price decline since May 2017
The announcement follows a decline in Marine Products Corp.’s share price of 8% since May 2017.
In the position of CEO since 2001
Richard Hubbell became CEO of the Company in 2001.
Hubbell has been President and Chief Executive Officer of Marine Products Corporation since it was spun-off in 2001.
He has also been the President of RPC, Inc. since 1987 and CEO since 2005.
Hubbell serves on the Board of Directors for both of these companies.
Previously, he was Executive Vice President of Rollins Communications, Inc., a media company.
He joined Rollins, Inc. in 1970.
Hubbell received a Bachelor of Arts in Economics from Westminster College.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Richard Hubbell’s move on a scale of 0 to 10.
exechange reached out to Marine Products and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2022 ($).