- After 15 years in the position
- Praise, thanks and good wishes for Springer
- Search for a successor
- Springer spoke at length and said 188 words
(exechange) — Loudon, Tennessee, February 20, 2024 — This news came shortly after Presidents’ Day. Jack Springer, chief executive of Malibu Boats, leaves his position — as “mutually agreed.” As announced by Malibu Boats Inc. in a news release and in a regulatory filing published on Tuesday, February 20, 2024, Jack D. Springer leaves his post as chief executive officer at the manufacturer of recreational boats, after 15 years in the role, effective on or before May 17, 2024.
It is the end of an era.
Malibu Boats will undertake a search for a successor.
Jack Springer’s move coincides with a management shake-up also involving the positions of President; and Executive Chair.
No reason given
In the announcement, Malibu Boats did not explicitly explain the reason for the move.
Precise information regarding Jack Springer’s future plans was not immediately available.
“Departing”
Malibu Boats said: “Jack Springer will be departing as Chief Executive Officer (“CEO”) on or before May 17, 2024.”
Malibu Boats further said: “On February 15, 2024, Malibu Boats, Inc. (the “Company”) and Mr. Jack Springer mutually agreed that Mr. Springer will cease to serve as Chief Executive Officer, effective May 17, 2024 or at such earlier time as the Board may determine (the “Transition Effective Time”), and accordingly the Company and Mr. Springer entered into a Transition, Release and Consulting Agreement (the “Transition Agreement”).”
Share price decline since February 2021
The announcement follows a decline in Malibu Boats Inc.’s share price of 34% since February 2021.
In the position of CEO since 2009
Jack Springer became CEO of the Company in 2009.
Springer was the Company’s interim Chief Executive Officer beginning in May 2009 and became the Company’s Chief Executive Officer in February 2010.
He has been a member of the Board since the Company’s IPO in February 2014. Springer was a director of the LLC from May 2009 until the Company’s recapitalization in connection with the IPO in February 2014.
From June 2003 to February 2010, Springer was a partner and managing director with Qorval, LLC, a private consultancy that provides strategic leadership and executive management across various industries.
As a result of his role with Qorval, Springer has served as Chief Executive Officer at Diamondback Tactical LLP, a manufacturer of tactical armor systems for federal, state and local law enforcement agencies and defense contractors, as Chief Restructuring Officer of American Plastics, Inc., a thermoform plastics manufacturer for the restaurant and hospitality industry and as interim Chief Executive Officer of Allen White Inc., a furniture manufacturer and wholesaler.
While at Qorval, Springer was also Chief Integration Officer at Nautic Global Group from 2004 to 2007, during which time he was responsible for the integration of two boat manufacturers.
Springer received a B.A. in Accountancy from the University of Texas of the Permian Basin.
188 words by Jack Springer
In the release announcing his departure as CEO of Malibu Boats Inc., Jack Springer received praise, thanks and good wishes.
In announcing his departure, Jack Springer spoke at length and said 188 words.
“Pride and passion”
Jack Springer stated: “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. 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.”
The above text is an excerpt from the exechange report 9.2024 ($), publication date February 26, 2024.