MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced that
Brad Nelson (54), will become the Company’s new Chief Executive
Officer and will be appointed to the Board of Directors, effective
March 18, 2024. Mr. Nelson succeeds Fred Brightbill (71), who
intends to retire as Chief Executive Officer on March 18, 2024, and
as Chairman and a member of the MasterCraft Board of Directors,
effective June 30, 2024. Mr. Brightbill joined the MasterCraft
Board in 2009 and was appointed Chairman in 2015, adding the role
of CEO in 2019. Following his retirement from the Board, Mr.
Brightbill will serve as a consultant to the Company for a one-year
period. Roch Lambert, currently Lead Independent Director of the
Board, will be appointed Chairman, effective July 1, 2024. Mr.
Lambert joined the Company’s Board in 2016, becoming Lead
Independent Director in 2019.
Mr. Nelson is a proven executive with more than 30 years of
operating and manufacturing experience. Most recently, he served as
Executive Vice President and President, Commercial Segment of
Oshkosh Corporation, a reporting segment that generated $1.1
billion in annual revenue. In this role, Mr. Nelson led the
strategic transformation of the segment, achieving historical highs
in revenue, profitability, and backlog. Under Mr. Nelson’s
leadership, the Commercial Segment achieved and maintained number
one market positions in key product categories in North America,
built market leading eCommerce and Aftermarket businesses, with 18
service and sales centers, and underwent a major simplification
effort and implementation of a meaningful “people first” culture
change.
Mr. Lambert said, “On behalf of the Board, I’d like to thank
Fred for his outstanding service as CEO of MasterCraft. 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.”
Mr. 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 that 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.”
Mr. 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.”
Mr. 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
Today the Company also reiterated its fiscal third quarter and
full year 2024 guidance that was 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.
We expect capital expenditures to be approximately $20 million for
the full year.
- For the third quarter of fiscal 2024, consolidated net sales is
expected to be approximately $92 million, with Adjusted EBITDA of
approximately $7 million, and Adjusted Earnings per share of
approximately $0.23.
About Brad Nelson
Mr. Nelson (54) is a proven executive with more than 30 years of
operating and manufacturing experience. Most recently, he served as
Executive Vice President and President, Commercial Segment of
Oshkosh Corporation. Over his 12-year tenure at Oshkosh
Corporation, Mr. Nelson held several titles of increasing
responsibility, including Senior Vice President and President,
Commercial Business Segment and Vice President, Global Marketing,
JLG Industries. Prior to joining Oshkosh in 2011, Mr. Nelson served
in several leadership positions at Eaton Corporation, including
Vice President, Global Marketing & Communications, Electrical
Segment and Business Unit Manager, Power Quality Division, and
Division Marketing Manager. Earlier in his career, Mr. Nelson
served as a technology executive at various companies including
Iomega Corporation, US West, Inc, Random Access, Inc. and Alpine
Computing MicroAge, Inc.
Mr. Nelson earned an MBA from Brigham Young University and a
Bachelor of Science in Business Administration from the University
of Phoenix.
About MasterCraft Boat Holdings, Inc.
Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc.
(NASDAQ: MCFT) is a leading innovator, designer, manufacturer and
marketer of recreational powerboats through its three brands,
MasterCraft, Crest, and Aviara. Through these three brands,
MasterCraft Boat Holdings has leading market share positions in two
of the fastest growing segments of the powerboat industry –
performance sport boats and pontoon boats – while entering the
large, growing luxury day boat segment. For more information about
MasterCraft Boat Holdings, and its three brands, visit:
Investors.MasterCraft.com, www.MasterCraft.com,
www.CrestPontoons.com, and www.AviaraBoats.com.
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 often 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 include statements in this press release concerning
our leadership transition.
Forward-looking statements are subject to risks, uncertainties
and other important factors that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements, including, but not limited to: the
potential effects of supply chain disruptions and production
inefficiencies, general economic conditions, demand for our
products, inflation, changes in consumer preferences, competition
within our industry, our reliance on our network of independent
dealers, our ability to manage our manufacturing levels and our
fixed cost base, the successful introduction of our new products,
and geopolitical conflicts, such as the conflict between Russia and
Ukraine, the conflict in the Gaza Strip and general unrest in the
Middle East. These and other important factors discussed under the
caption “Risk Factors” in our Annual Report on Form 10-K for the
fiscal year ended June 30, 2023, filed with the Securities and
Exchange Commission (the “SEC”) on August 30, 2023, could cause
actual results to differ materially from those indicated by the
forward-looking statements. The discussion of these risks is
specifically incorporated by reference into this press release.
Any such forward-looking statements represent management's
estimates as of the date of this press release. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release. We undertake no obligation (and we expressly
disclaim any obligation) to update or supplement any
forward-looking statements that may become untrue or cause our
views to change, whether because of new information, future events,
changes in assumptions or otherwise. Comparison of results for
current and prior periods are not intended to express any future
trends or indications of future performance, unless expressed as
such, and should only be viewed as historical data.
Investor Contact:MasterCraft Boat Holdings,
Inc.Bobby PotterVice President of Strategy and Investor
RelationsEmail: investorrelations@mastercraft.com
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