Malibu Boats, Inc. Announces Appointment of Bruce Beckman to Chief Financial Officer
08 November 2023 - 1:30PM
Malibu Boats, Inc. (Nasdaq: MBUU) announced today the appointment
of Bruce Beckman as Chief Financial Officer, effective November 27,
2023. He will be joining as a member of the executive team and
report directly to the Company’s Chief Executive Officer, Jack
Springer. Malibu’s Interim Chief Financial Officer, David Black,
will transition to the role of Vice President, Finance for Malibu
Boats at that time.
“I want to welcome Bruce to the Malibu Boats
family. I have no doubt he will play a critical role in advancing
our industry leading position, executing our long-term strategic
plan and further elevating our finance organization at the Company.
In his past roles, he has demonstrated his ability to create
positive change and produce strong results, with a proven track
record of strategic and operational execution,” commented Jack
Springer, MBI’s Chief Executive Officer. “I also want to extend my
sincerest gratitude to David for stepping in and leading our
finance organization as we embarked on this search for our next
Chief Financial Officer.”
Bruce joins Malibu from Entegris, where he most recently served
as Senior Vice President of Finance. During his more than
eight-year tenure, he held several positions of increasing
responsibility within the finance function, which includes leading
a global team of over 200 FP&A and Accounting professionals, to
drive the financial performance of a global manufacturing company
serving the dynamic, high growth semiconductor industry. Prior to
Entegris, Bruce worked in numerous capacities for General Mills,
Inc., including Vice President of Finance for the Meals Division,
Director of Corporate Planning & Analysis and Director of
Internal Controls. He holds a Bachelor of Science in Business from
the University of Minnesota and a Master of Business Administration
degree from the University of Minnesota Carlson School of
Management.
As Chief Financial Officer of Malibu Boats, Bruce will be
responsible for the financial management of the Company, including
leading the Accounting, Finance, Internal Audit and Investor
Relations teams. He will also lead the Company’s planning
processes, as well as partner with the executive team to drive
Malibu’s next stage of growth.
About Malibu Boats, Inc.
Based in Loudon, Tennessee, Malibu Boats, Inc.
(MBUU) is a leading designer, manufacturer and marketer of a
diverse range of recreational powerboats, including performance
sport, sterndrive and outboard boats. Malibu Boats, Inc. is the
market leader in the performance sport boat category through its
Malibu and Axis boat brands, the leader in the 23’ - 36’ segment of
the sterndrive boat category through its Cobalt brand, and in a
leading position in the saltwater fishing boat market with its
Pursuit and Cobia offshore boats and Pathfinder, Maverick, and
Hewes flats and bay boat brands. A pre-eminent innovator in the
powerboat industry, Malibu Boats, Inc. designs products that appeal
to an expanding range of recreational boaters, fisherman and water
sports enthusiasts whose passion for boating is a key component of
their active lifestyles. For more information, visit
www.malibuboats.com, www.axiswake.com, www.cobaltboats.com,
www.pursuitboats.com, or www.maverickboatgroup.com.
Cautionary Statement Concerning Forward-Looking
Statements
This press release includes forward-looking statements (as such
term is defined in the Private Securities Litigation Reform Act of
1995). Forward-looking statements can be identified by such words
and phrases as “believes,” “anticipates,” “expects,” “intends,”
“estimates,” “may,” “will,” “should,” “continue” and similar
expressions, comparable terminology or the negative thereof, and
includes statements in this press release regarding Bruce Beckman’s
future appointment as Chief Financial Officer and his strategic
role within the Company. Forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements, including, but not limited to: general industry,
economic and business conditions; the Company’s large fixed cost
base; increases in the cost of, or unavailability of, raw
materials, component parts and transportation costs; disruptions in
the Company’s suppliers’ operations; the Company’s reliance on
third-party suppliers for raw materials and components and any
interruption of the Company’s informal supply arrangements; the
Company’s reliance on certain suppliers for the Company’s engines
and outboard motors; the Company’s ability to meet the Company’s
manufacturing workforce needs; exposure to workers' compensation
claims and other workplace liabilities; the Company’s ability to
grow the Company’s business through acquisitions and integrate such
acquisitions to fully realize their expected benefits; the
Company’s growth strategy which may require us to secure
significant additional capital; the Company’s ability to protect
the Company’s intellectual property; disruptions to the Company’s
network and information systems; the Company’s success at
developing and implementing a new enterprise resources planning
system; risks inherent in operating in foreign jurisdictions; the
effects of the COVID-19 pandemic on us; a natural disaster, global
pandemic or other disruption at the Company’s manufacturing
facilities; increases in income tax rates or changes in income tax
laws; the Company’s dependence on key personnel; the Company’s
ability to enhance existing products and market new or enhanced
products; the continued strength of the Company’s brands; the
seasonality of the Company’s business; intense competition within
the Company’s industry; increased consumer preference for used
boats or the supply of new boats by competitors in excess of
demand; competition with other activities for consumers’ scarce
leisure time; changes in currency exchange rates; inflation and
increases in interest rates; an increase in energy and fuel costs;
the Company’s reliance on the Company’s network of independent
dealers and increasing competition for dealers; the financial
health of the Company’s dealers and their continued access to
financing; the Company’s obligation to repurchase inventory of
certain dealers; the Company’s exposure to claims for product
liability and warranty claims; changes to U.S. trade policy,
tariffs and import/export regulations; any failure to comply with
laws and regulations including environmental, workplace safety and
other regulatory requirements; the Company’s holding company
structure; covenants in the Company’s credit agreement governing
the Company’s revolving credit facility which may limit the
Company’s operating flexibility; the Company’s variable rate
indebtedness which subjects us to interest rate risk; the Company’s
obligation to make certain payments under a tax receivables
agreement; any failure to maintain effective internal control over
financial reporting or disclosure controls or procedures; and other
factors affecting us detailed from time to time in the Company’s
filings with the Securities and Exchange Commission. Many of these
risks and uncertainties are outside the Company’s control, and
there may be other risks and uncertainties which the Company does
not currently anticipate because they relate to events and depend
on circumstances that may or may not occur in the future. Although
the Company believes that the expectations reflected in any
forward-looking statements are based on reasonable assumptions at
the time made, the Company can give no assurance that the Company’s
expectations will be achieved. Undue reliance should not be placed
on these forward-looking statements, which speak only as of the
date hereof. The Company undertakes no obligation (and the Company
expressly disclaims any obligation) to update or supplement any
forward-looking statements that may become untrue because of
subsequent events, whether because of new information, future
events, changes in assumptions or otherwise.
Contacts
Malibu Boats,
Inc.InvestorRelations@MalibuBoats.com
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