VONORE, Tenn. – In a strategic move poised to steer MasterCraft Boat Holdings, Inc. into its future, the company has officially announced the appointment of Brad Nelson as the new Chief Executive Officer, effective March 18, 2024. Nelson, aged 54, will also join the company’s Board of Directors, bringing with him over 30 years of extensive experience in operating and manufacturing leadership roles. This announcement comes as Fred Brightbill, the current CEO and Chairman, prepares to retire from his CEO position on March 18, 2024, and from his Chairman and board roles effective June 30, 2024. Brightbill, who has significantly contributed to MasterCraft’s success since joining the board in 2009 and serving as CEO since 2019, will transition into a consultant role for the company for one year following his retirement.
Roch Lambert, currently the Lead Independent Director, is set to become the Chairman of the Board on July 1, 2024, taking over the reins from Brightbill. Lambert has been a key figure in the company’s board since 2016 and played a crucial role as Lead Independent Director since 2019.
Brad Nelson comes to MasterCraft with a robust background in leading strategic transformations and achieving significant growth milestones. His most recent role as Executive Vice President and President of the Commercial Segment at Oshkosh Corporation saw him driving the segment to achieve historical highs in revenue, profitability, and backlog, along with securing top market positions in North America for key product categories.
Roch Lambert expressed the board’s gratitude towards Fred Brightbill for his dedication and leadership, which were instrumental in navigating the company through challenging times, including the pandemic, and achieving record sales and earnings. Lambert also emphasized the board’s confidence in Nelson’s leadership capabilities and his focus on people, talent, and culture as key to driving MasterCraft’s future growth.
In response to his appointment, Nelson expressed his honor in joining MasterCraft during such a pivotal moment in the company’s history. He is keen to collaborate with Brightbill and the leadership team to position MasterCraft for long-term success and value creation for all stakeholders.
Brightbill reflected on his tenure, highlighting MasterCraft’s growth, strong financial position, and the company’s readiness to accelerate growth as the industry recovers from current challenges. He expressed confidence in Nelson’s leadership to elevate MasterCraft’s performance further.
Fiscal Third Quarter and Full Year 2024 Guidance Update
Alongside the leadership transition announcement, MasterCraft also reiterated its fiscal third quarter and full year 2024 guidance, previously provided on February 7, 2024. The company expects consolidated net sales 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 for the full year. For the third quarter of fiscal 2024, consolidated net sales are expected to be around $92 million, with Adjusted EBITDA approximately $7 million, and Adjusted Earnings per share about $0.23.
About Brad Nelson
Brad Nelson’s extensive experience includes over a decade at Oshkosh Corporation, where he held several key leadership positions, and prior roles at Eaton Corporation and various technology companies. Nelson holds an MBA from Brigham Young University and a Bachelor of Science in Business Administration from the University of Phoenix.
About MasterCraft Boat Holdings, Inc.
MasterCraft Boat Holdings, Inc., headquartered in Vonore, Tennessee, is a leading innovator, designer, manufacturer, and marketer of recreational powerboats through its three brands: MasterCraft, Crest, and Aviara. The company holds leading market share positions in the performance sport boats and pontoon boats segments and has recently entered the luxury day boat segment. For more information, visit the company’s website at Investors.MasterCraft.com, www.MasterCraft.com, www.CrestPontoons.com, and www.AviaraBoats.com.
