Stuart, Fla.-based Kadey-Krogen Yachts secured growth-equity capital from an investor, which the company says will allow an in-the-works, multiyear innovation and strategic plan to be introduced this August.
The strategic plan details will include new-model announcements. The company also announced the retirement of 20-year partner and president Tom Button.
“It’s been such an enjoyable and rewarding adventure for me,” said Button in a statement; he joined the company after purchasing a 42-foot Kadey-Krogan trawler. “My goal was always to nurture the legacy of Art Kadey and Jim Krogen. Looking back, I feel confident to say that we accomplished exactly this.”
While the investor was unnamed, the builder of Kadey-Krogen trawlers and Summit semidisplacement cruisers said that partner Tucker West has been appointed president and CEO.
Raised in Newport, R.I., West’s career has spanned more than 25 years in the marine industry, including stints at Sunsail Yacht Charters and leading North American sales for Grand Banks Yachts.
Larry Polster will become a former partner but will stay with the company in sales and customer service roles.
“Having someone with Larry’s boating knowledge and experience serve as a conduit between the builder and the customer is invaluable,” said West. “I’ve had the pleasure of working with Tom and Larry these past seven years and because of their steady hands and experience, we have a company that is built on a solid foundation to allow for growth, innovation and expansion into additional markets.”