Dustan “Dusty” McCoy, chairman and chief executive officer of Brunswick Corporation since 2005, announced his eventual retirement as part of a succession plan that follows the recent appointment of Mercury Marine president, Mark Schwabero, to the newly created position of president and chief operating officer of Brunswick.
Announced during the B. Riley & Co. investor conference in Santa Monica, Calif., McCoy said he will be leaving the company in early 2016, and will be succeeded by Schwabero. Brunswick’s succession plan officially began with the appointment of Bill Metzger approximately 18 months ago, according to Dan Kubera, director of media relations and corporate communications at Brunswick.
As previously reported (HERE), Schwabero will be succeeded at Mercury Marine by John C. Pfeifer, who had been vice president – global operations for Mercury Marine.
Also part of the plan to facilitate the company’s long-term succession process, Brunswick Boat Group President Andrew E. Graves announced plans to the company. Graves’ direct reports — Jeff Behan, vice president — planning and business development; Boston Whaler President Huw Bower, Freshwater Group President Jeff Kinsey, and Recreation Boat Group President Tim Schiek — now report to Schwabero.
"Mark Schwabero’s recent appointment to COO and John Pfeifer assuming the reins at Mercury Marine are part an orderly transition process at Brunswick, a process with which our Board of Directors has been fully engaged for some time," Kubera said. "As Dusty mentioned during his remarks at the recent B. Riley conference, the genesis of this process pre-dates the March 2013 announcement of Bill Metzger as CFO, as he succeeded Peter Hamilton."
Kubera added that the transition process will be transparent to its customers, the financial community and those who buy and use Brunswick's products. Easing the transition, both Schwabero and Pfeifer are familiar with the company and its diverse businesses and customer bases, as both have played key roles in the development and execution of the company's strategy.
"It is an important responsibility of our Board of Directors to ensure that Brunswick has a deep and robust succession process," Kubera said. "The recent announcement of the appointments of both Mark and John reflects the quality of that process. Additionally, the fact that Brunswick can adopt and staff such an organization structure totally from within our own management ranks is testimony to the depth, talent and bench strength that we have fashioned through the years at the company. It gives us continuity and the confidence that we have strong leadership in place to move forward."
McCoy will remain as Brunswick's chairman and CEO "for some time to come," and will celebrate a decade in the position at the end of 2015. A final retirement date has yet to be established, but he plans to remain in his current post through 2015 and, "for a period after that." In the meantime, Schwabero and McCoy will work closely together to implement the transition process.