OneWater Marine Inc. Announces Mitchell W. Legler, Chairman, to Retire from the Company’s Board of Directors
December 01 2022 - 7:00AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”)
announced today that Chairman of the Board, Mitchell W. Legler,
will retire and not stand for re-election at the Company’s 2023
annual meeting of stockholders (the “2023 Annual Meeting”) in
compliance with the Company’s director retirement policy that
states directors not be nominated for a new term after reaching age
80.
In-line with the Board’s succession plans, the
Board appointed current director, John F. Schraudenbach, as
Vice-Chairman of the Board in August 2022 and anticipates he will
become Chairman following the election of directors at the 2023
Annual Meeting. Mr. Schraudenbach has been working with Mr. Legler
since becoming Vice-Chairman to ensure a smooth transition. Mr.
Schraudenbach has been an independent director on the Board since
February 2020, and he currently serves as the Chair of the Audit
Committee.
“On behalf of the Board and management, I would
like to thank Mitch for his unwavering commitment and strategic
guidance since OneWater’s IPO in 2020. His leadership and guidance
were vital to our tremendous growth over the last several years as
we navigated an incredibly dynamic environment. Mitch leaves us in
a great position to continue our momentum, and we wish him all the
best,” said Chris Bodine, Chair of the Nominating and Corporate
Governance Committee.
“It has been my privilege to serve on OneWater’s
Board of Directors and especially as its Chairman since OneWater
established itself as one of the largest and fastest-growing marine
retailers in the industry. I am proud of all that the management
team and employees have accomplished and look forward to the
Company’s continued success for many years to come,” stated Mr.
Legler.
Mr. Bodine continued, “The Board believes
succession planning is critical to the continuity of leadership and
governance. John is a tremendous asset to our Board and his deep
understanding of OneWater’s strategy, markets, and financial
drivers will be invaluable as the Company further extends its
leadership position. I look forward to working closely with him to
execute on our strategic priorities and continue driving
shareholder value.”
In addition, Greg Shell has resigned from the
Board, effective as of November 28, 2022, due to the compliance
policy of his new employer which requires his resignation from any
outside boards. Mr. Shell’s resignation did not result from any
disagreement with the Company on any matter relating to the Board
or the Company’s management, operations, policies, or
practices.
Mr. Legler concluded, “I would also like to
thank Greg for his strategic insights and contributions to the
Company, and we wish him well in his future endeavors.”
Following Mr. Shell’s resignation, the board
will consist of 10 members, 8 of whom are independent
directors.
About OneWater Marine Inc.
OneWater Marine Inc. is one of the largest and fastest-growing
premium marine retailers in the United States. OneWater operates a
total of 98 retail locations, 12 distribution centers / warehouses
and multiple online marketplaces in 20 different states, several of
which are in the top twenty states for marine retail expenditures.
OneWater offers a broad range of products and services and has
diversified revenue streams, which include the sale of new and
pre-owned boats, finance and insurance products, parts and
accessories, maintenance, repair and other services.
Investor or Media Contact:Jack
EzzellChief Financial OfficerIR@OneWaterMarine.com
OneWater Marine (NASDAQ:ONEW)
Historical Stock Chart
From Jun 2024 to Jul 2024
OneWater Marine (NASDAQ:ONEW)
Historical Stock Chart
From Jul 2023 to Jul 2024