Terry McNew has stepped down as CEO and president of MasterCraft Boat Holdings. The company said in a statement that Frederick Brightbill, chairman of the company’s board of directors, is the interim CEO.
The statement noted that McNew, who will remain with MasterCraft until Nov. 8 to ensure a “seamless transition,” plans to pursue an opportunity outside the boating industry.
“I would like to thank Terry for his leadership, steadfast dedication and service to MasterCraft over the past seven years,” Brightbill said in a statement. “I am excited to take on the role of interim CEO and work alongside MasterCraft’s long-tenured, industry-veteran leadership team and dedicated employees.”
Brightbill is a principal of Brightbill Advisors, a management consulting firm. He has been on MasterCraft’s board of directors since 2009. He previously was a principal at Vantage Development and JB Acquisitions. Brightbill also was president of Brunswick’s Aluminum Boat Group and held leadership roles at Mercury Marine, including president of the Outboard Business Unit and Integrated Operations Division.
Brightbill will remain in the position until MasterCraft Holdings names a new CEO. “We remain bullish on the long-term prospects of both the markets we serve and the brands we own,” he said, noting there would be an update on the CEO search during the earnings call Nov. 7.
McNew was responsible for modernizing MasterCraft’s design and manufacturing processes, led the acquisitions of NauticStar and Crest, and launched the Aviara brand. In May 2015, MasterCraft filed to raise $100 million in an IPO, and on July 15, 2015, it was listed on the NASDAQ exchange.