OneWater Founders Forego Pay

Author:
Publish date:
onewater

OneWater Marine co-founders Austin Singleton and Anthony Aisquith are foregoing 100 percent of their salaries for the next two months in an effort to reduce costs during the coronavirus pandemic.

Chief financial officer Jack Ezzell and other senior managers have agreed to take a 20 percent cut in base salaries, and other managers and salaried employees will take a 10 percent reduction.

“In an effort to protect our business and enhance our financial flexibility, we are executing on our plan, taking quick and decisive actions to reduce costs across the company, including salary and discretionary expense reductions, limiting capital expenses for non-essential projects, and workforce furloughs and/or reductions,” Singleton said in a statement. “While many unknowns remain, we believe these actions are necessary for the long-term benefit of our team, OEM partners, customers and shareholders.”

Singleton and several founders of acquired entities have also agreed to forgo or defer rents on certain properties, and the board of directors will forgo cash compensation for six months.

“These are extraordinary times for our company, particularly for our dealers,” Singleton said.“We are working hand in hand with local management teams to maintain appropriate inventory levels, both now and in the future, support cost enhancement activities, and ensure they remain nimble in this unpredictable environment. We continue to monitor the situation closely and will provide further updates as necessary.

“These actions will support OneWater through this difficult operating environment, and we still have the ability to draw $10 million under our existing revolving credit facility, if necessary,”Singleton added.

Related

Yanmar Names Power Solutions Division Manager

Carl J. Micu will oversee sales and the development of long-term growth plans.

Lippert Components Rebrands

The company’s core line of marine, RV and commercial products, including Lewmar and Taylor Made, will be branded as Lippert.

‘A Strong Finish to a Strong Year’

Booming demand for boats continued as the year ended, with the industry posting the highest number of sales since 2007.

Culture Summit 2.0

Correct Craft will gather “organizational culture drivers” for its second summit, which will take place virtually March 3.

Quick Hits: January 22, 2021

B.A.S.S. now taking noms for ‘21 Bassmaster High School All-American Fishing Team and Yacht Sentinel teams with Fountaine Pajot to equip its lineup with connected boat technology.

Teak Isle Expands Operations

The Florida-based manufacturer purchased a 45,000-square-foot facility and two additional CNC routers.