MasterCraft's Leadership Evolution: Brad Nelson Appointed New CEO As Fred Brightbill Sets Sail Into Retirement

MasterCraft Boat Holdings, Inc MCFT announced Brad Nelson will be the new Chief Executive Officer and will be appointed to the Board of Directors, effective March 18, 2024.

Nelson will succeed Fred Brightbill, who will retire as the CEO on March 18, 2024, and as Chairman and a member of the MasterCraft Board of Directors, effective June 30, 2024. Brightbill will serve as a consultant for one year after his retirement.

Roch Lambert, the Lead Independent Director of the Board, will be appointed Chairman, effective July 1, 2024. 

Nelson has more than 30 years of operating and manufacturing experience and recently served as Executive Vice President and President, Commercial Segment of Oshkosh Corporation OSK.

Outlook: MasterCraft also reiterated its fiscal third quarter and full-year 2024 guidance previously provided on February 7, 2024.

The company reiterated its full-year guidance for sales of $400 million – $412 million (consensus $405.59 million), adjusted EBITDA ($42 million – $47 million) and Adjusted EPS of $1.53 – $1.78 (consensus $1.60).

The company also reiterated third-quarter guidance for sales of $92 million (consensus $92.82 million), adjusted EBITDA of $7 million, and Adjusted EPS of $0.23 (consensus $0.23).

Price Action: MCFT shares are trading lower by 1.41% at $21.65 on the last check Monday.