Malibu Boats appoints new chief executive
US boatbuilder Malibu Boats has appointed Steven D. Menneto as its new chief executive, effective from 5 August 2024.
The news comes after Malibu Boats’ previous CEO, Jack Springer, stepped down in May.
Menneto will also join Malibu Boats’ board of directors, which will increase from nine to 10 members. In connection with Menneto’s appointment, the office of the CEO, consisting of Ritchie Anderson, the company’s president, as well as Michael K. Hooks, the chair of the board, will end.
Hooks will remain board chair and Anderson will remain president of the company. Menneto joins Malibu Boats from Polaris, where he was most recently president of the off-road vehicle division.
“We are thrilled to welcome Steve as our new CEO,” says Hooks. “He has a demonstrated history of leading organisations through periods of growth and is the ideal candidate to build on our strong foundation and drive further value creation.”
Menneto adds, “I am honoured and excited to be named Malibu Boats’ next CEO. I have long admired the company’s stellar track record, history of innovation and top-of-the-line products. As I take on this role, I look forward to helping the company leverage its excellent growth opportunities.
“With the support of Malibu Boats’ tremendous team, I believe there is a great deal we can achieve to build an even better business while continuing to provide the highest quality boats on the market and delivering for all our stakeholders.”
Malibu designs boats under its namesake brand, as well as those under the Axis, Pursuit, Cobalt, Cobia, Pathfinder, Maverick and Hewes brands.
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