Brad Nelson has been appointed CEO of MasterCraft Boat Holdings and to the board of directors with effective from March 18 2024.
He succeeds Fred Brightbill who will retire as CEO from March 18, and as chairman of the MasterCraft board of directors, from June 30 2024.
Fred 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, he 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, with effect from July 1, 2024.
Brad joins MasterCraft from Oshkosh Corporation where he served as executive vice president and president, commercial segment.
“On behalf of the board, I’d like to thank Fred for his outstanding service as CEO of MasterCraft,” said Roch.
New strategy
“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.”
He 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.
The company also repeated its outlook with consolidated net sales 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.
Capital expenditures are expected to be approximately $20 million for the full year.
For the third quarter of fiscal 2024, consolidated net sales are expected to be approximately $92 million, with adjusted EBITDA of approximately $7 million, and adjusted earnings per share of approximately $0.23. MasterCraft Boat Holdings is a manufacturer and marketer of recreational powerboats through its three brands, MasterCraft, Crest, and Aviara.
