Marine Industry Veteran Tim Schiek to Head Newly Acquired Business
VONORE, Tenn., Oct. 13, 2017 (GLOBE NEWSWIRE) -- MCBC Holdings (NASDAQ:MCFT), parent entity of MasterCraft Boat Company and NauticStar, today announced that it has named Timothy M. Schiek, 49, as the new president of NauticStar, a leading manufacturer and distributor of 18 to 28-foot bay, deck and offshore center console boats. Schiek, a 22-year marine industry veteran, assumes the position of President, NauticStar, and replaces interim president Jim Orbik. As previously announced, MCBC Holdings/MasterCraft, acquired NauticStar on October 2, 2017.
Terry McNew, MasterCraft and MCBC Holdings' President and Chief Executive Officer, commented, "We are very excited to welcome Tim as the new president of NauticStar. Tim is a seasoned marine industry veteran—most recently serving as President of Brunswick's Recreational Boat Group and Sea Ray. Not only has he successfully run multiple well-known marine brands, he also brings keen financial, operational and dealer relationship experience. His expertise will be invaluable as we work to improve NauticStar's output, quality and margin, and continue their rapid growth."
Schiek spent more than 20 years with Brunswick Corporation, serving in a variety of leadership roles. Prior to being President of Recreational Boat Group and Sea Ray—where he led his team in a business transformation—he was President of Brunswick's Boston Whaler Group, the Fiberglass Fish Boat Category, and before that Harris Kayot. In addition to his strengths in strategic and financial planning and operations management, he also brings a wealth of knowledge in product development, consumer insights and innovation, and product portfolio management.
Schiek said, "NauticStar is a well-respected, expertly built and uniquely positioned brand. Moreover, it serves two of the fastest growing segments in the boating industry. I look forward to working with their team and leveraging my experience and operational know-how to further grow NauticStar, and ultimately expand their distribution reach. I am committed to capitalizing on the great foundation and brand that Phil Faulkner, founder, built."
Schiek has a business degree in finance from the University of Wisconsin - Oshkosh, and earned his MBA from Marquette University. He is a former board member of the National Marine Manufacturers Association.
About MCBC Holdings, Inc.
Headquartered in Vonore, Tenn., MCBC Holdings, Inc. (NASDAQ:MCFT) is the parent entity of MasterCraft Boat Company and NauticStar, LLC.
Founded in 2002, NauticStar is located on 17 acres in Amory, Mississippi. With more than 200,000 square feet of manufacturing floor space, NauticStar is one of the top producers of high quality bay boats, deck boats and offshore center console boats from 18 to 28 feet. Professional and sport fishermen, recreational and pleasure boating enthusiasts appreciate the many standard and available features that are offered by NauticStar for a customized fit for their lifestyle. For more information on NauticStar Boats' full line of boats, visit www.NauticStarBoats.com or call 662-256-5636 for your local NauticStar dealer.
MasterCraft is a world-renowned innovator, designer, manufacturer, and marketer of premium performance sport boats. Founded in 1968, the company has cultivated its iconic brand image through a rich history of industry-leading innovation, and more than four decades after the original MasterCraft made its debut the company's goal remains the same - to continue building the world's best ski, wakeboard, wakesurf and luxury performance powerboats. For more information, visit www.mastercraft.com.
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can often be identified by such words and phrases as "believes," "anticipates," "expects," "intends," "estimates," "may," "will," "should," "continue" and similar expressions, comparable terminology or the negative thereof.
Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including general economic conditions, demand for our products, changes in consumer preferences, competition within our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our large fixed cost base, and the successful introduction of our new products. In addition, the forward-looking statements in this press release may be impacted by our ability to successfully integrate NauticStar and to realize the synergies we believe can be achieved from the transaction. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017, filed with the Securities and Exchange Commission (the "SEC") on September 8, 2017, and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements. The discussion of these risks is specifically incorporated by reference into this press release.
Chief Financial Officer
Source: MCBC Holdings, Inc.