Marine Products Corporation (NYSE: MPX) has announced several changes within its senior leadership team and among its Board of Directors. Marine Products manufactures fiberglass boats under the brand names of Chaparral and Robalo. Chaparral's sterndrive models include SSi and SSX, along with the Chaparral Surf Series. Chaparral's outboard offerings include OSX Luxury Sportboats, and SSi and SSX outboard models. Robalo builds an array of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models.
The following changes to Marine Products' Executive Officers and Board of Directors are effective immediately:
- The transition of Richard A. Hubbell, President and Chief Executive Officer, to Executive Chairman of the Board of Directors
- The relinquishment by Gary W. Rollins of his position as Marine Products Corporation's Non-Executive Chairman of the Board, while continuing as a Company Director
- The promotion of Ben M. Palmer, Chief Financial Officer, to President and Chief Executive Officer, and his election by the Board as a Class I Director
- The appointment of Michael L. Schmit to Chief Financial Officer and Corporate Secretary
"Our announcement today is consistent with our history of management continuity," stated Richard A. Hubbell, Executive Chairman. "I am pleased to continue my long association with Marine Products Corporation and our Board as we continue our more than 56-year history of producing outstanding recreational boats with broad consumer appeal and dominant market share. I also express my complete confidence in Ben as he takes on this new position."
"I am excited to assume this new role at Marine Products Corporation," stated Ben M. Palmer, President and Chief Executive Officer. "Our tenured operational management team will continue to operate our two brands and generate strong financial results. The leadership team will leverage our deep industry knowledge to pursue strategic growth opportunities and continue the long-term strategy of generating peer-leading shareholder returns. We are also pleased to welcome Mike Schmit to our senior leadership team. Mike has a great deal of successful finance and accounting experience in several multi-national manufacturing companies, including public company, business combination integration and financial management experience. I am confident that this experience will serve him well in this role at Marine Products Corporation."