Malibu Boats, Inc. (NASDAQ:MBUU) today announced the appointment of Steven D. Menneto as its new Chief Executive Officer ("CEO"), effective August 5, 2024. Mr. Menneto will also join Malibu Boats' Board of Directors (the "Board"), which will increase from nine to ten members. In connection with Mr. 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. Mr. Hooks will remain Board Chair and Mr. Anderson will remain President of the Company.
Mr. Menneto joins Malibu Boats from Polaris, where he was most recently President of the Off-Road Vehicle Division. In that role he nearly doubled the division's revenue to $7 billion over the course of four years while overseeing a large global manufacturing footprint. Mr. Menneto previously ran Polaris' Motorcycle Division, during which time he drove significant growth including building the Indian Motorcycle business from $3 million to approximately $500 million in revenue. Early in his career, Mr. Menneto owned his own Polaris dealership.