Malibu Boats Inc Class A
MBUU: XNAS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $31.00 | Rgxcttq | Crphbzhqn |
Malibu: Search Begins After Longtime CEO Jack Springer Steps Aside, No Strategic Changes Foreseen
/s3.amazonaws.com/arc-authors/morningstar/3559e02b-f74d-4a72-a821-b50f61ba05e9.jpg)
On Feb. 20, narrow-moat Malibu revealed that CEO Jack Springer is scheduled to resign from his position and the board by May 17. As such, plans are underway to search for his successor. We believe Springer, at the helm since 2010, has been instrumental in the firm’s success, steering it through a successful IPO in 2014 and pursuing strategic acquisitions to broaden its market presence and fortify its brand. Shares tumbled around 10% on the news, as investors contemplate another replacement in the C-suite after former CFO Wayne Wilson departed in May 2023.