Reggie Fountain resigns

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Reggie Fountain, who founded Fountain Powerboats more than 30 years ago, today announced his resignation from the company.

"There are key differences in opinion and philosophy between the current owners and myself on how to run the company," Fountain said in a statement.

"I've always been one that plotted his own course and feel the best ways to utilize my talents is in new-product development, racing and working directly with my customers," he added. "The performance-boat business is changing fast, and there are certain basic elements that must be in place to succeed."

Fountain filed for Chapter 11 bankruptcy protection in August 2009.

After the company was sold to Liberty Associates, Fountain told Soundings Trade Only that he was happy with how things had worked out.

Liberty Associates also is the majority shareholder of Donzi Marine and Pro-Line Boats. It was recently announced that production of both of those lines will be moved to Fountain's Washington, N.C., facility. Liberty also recently announced plans to relaunch Baja as a standalone line.

It also was recently announced that Fountain Powerboats was discontinuing its factory-direct Fountain Factory Superstore, citing new sales strategies.

John Walker, chief operating officer of Fountain, could not be reached for immediate comment this afternoon. A post on the company's webiste says Fountain was on "administrative leave" as of Wednesday.

Fountain's statement did not seem to rule out his return to the boating industry.

"Although I'm not able to announce any firm plans moving forward, boatbuilding has always been my passion, and the future looks both exciting and challenging," he said.

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