Malibu Boats Appoints Chief Executive Officer

Malibu Boat this morning announced the appointment of Steven D. Menneto as CEO, effective Aug. 5. Menneto joins the company from Polaris, where he was most recently president of the Off-Road Vehicle Division.

“The board conducted a comprehensive search process that included discussions with multiple highly qualified candidates who were attracted by the opportunity to lead a premier manufacturer with premium brands across multiple segments,” Malibu board chair Michael K. Hooks said in a statement. “Steve emerged as the clear choice given the direct alignment of his experience, skill set and track record with our business needs and strategic priorities. He brings a well-rounded background with experience across functional areas and especially sales and managing distribution. Steve has a demonstrated history of leading organizations through periods of growth and is the ideal candidate to build on our strong foundation and drive further value creation.”

Menneto previously ran Polaris’ Motorcycle Division, driving significant growth that included building the Indian motorcycle business from $3 million to approximately $500 million in revenue.

“I have long admired [Malibu’s] stellar track record, history of innovation and top-of-the-line products,” Menneto said in the statement. “I believe there is a great deal we can achieve to build an even better business while continuing to provide the highest quality boats on the market and delivering for all our stakeholders.”

Menneto will also join the board of directors. In connection with his appointment, the Office of the CEO, consisting of company president Ritchie Anderson and Hooks will end. Hooks will remain board chair, and Anderson will remain Malibu president.