Mark Schwabero to retire at end of 2018,
The Company also announced that
Schwabero joined Brunswick in 2004 as president - Mercury Outboards. In 2008, he became president -
"Under Mark's leadership, Brunswick has continued to improve its operating results and strong track record of revenue and earnings growth," Fernandez said. "Mark has been instrumental in setting the strategy and transitioning the Company to solely focus on the marine industry, particularly on the technologies that will continue to advance the industry, make boating more enjoyable, and also refining our portfolio to make it more cycle resistant."
"The 14 years I've been with Brunswick have been the most rewarding of my career," Schwabero said. "Each day I am inspired by Brunswick's 15,000 motivated and dedicated employees around the world. It has been a privilege to serve as chairman and CEO for the past three years, and to lead this world-class organization."
Schwabero continued, "I am pleased that David will be succeeding me as CEO. He is a bright and talented leader whose energy is infectious. His intellect, skills and commitment are representative of the qualities you will find within our deep bench of talent at Brunswick. With the separation of Fitness underway and the focus on our future in the marine business, now is the ideal time to make this change."
"With his proven leadership ability, a strong technology focus and rich experience, David is the ideal next CEO for Brunswick, and will ensure our marine operations continue to lead the industry," said Fernandez. "With David at the helm, Brunswick will remain in good hands as we sharpen our focus on integrated propulsion systems and boats and prepare to operate as a pure-play marine company."
Foulkes is presently responsible for the
Since 2012, Foulkes has had responsibility for
"David's successful track-record of developing exciting and innovative products speaks for itself," Fernandez said. "His deep understanding of technology, commitment to quality, and experience introducing innovative business solutions will continue to fuel and ignite creativity throughout the organization. In his role as CTO, and most recently as president - Brunswick Marine Consumer Solutions, he has quickly put in place a broad range of capabilities that will enable Brunswick to further accelerate its progress in developing new products and solutions for our marine customers."
"I am honored to become CEO of this great company," said Foulkes. "Going forward, we will take advantage of the strong momentum that we have achieved under Mark's leadership and continue to grow our industry-leading portfolio of marine engines and boat brands offering leading-edge design, technology, quality and customer service. Our focus will be relentless, as we seek out innovative, technology-enabled consumer services and solutions that make boating easier, while continuing to demand excellence in executing our marine strategies as we build shareholder value."
Foulkes will also replace Schwabero as a member of Brunswick's Board of Directors, effective
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick's business and by their nature address matters that are, to different degrees, uncertain. Words such as "may," "could," "expect," "anticipate," "intend," "target," "plan," "seek," "estimate," "believe," "predict," "outlook," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include, but are not limited to: adverse general economic conditions, including reductions in consumer discretionary spending; our ability to implement our strategic plan and growth initiatives; the risk that strategic acquisitions or divestitures may not provide business benefits; the possibility that the proposed Fitness business separation will not be consummated within the anticipated time period or at all; our ability to integrate targeted acquisitions, including the Global Marine & Mobile Business of Power Products; the potential for disruption to our business in connection with the Fitness business separation or Global Marine & Mobile Business of Power Products acquisition, making it more difficult to maintain business and operational relationships; the risk that unexpected costs will be incurred in connection with these transactions; the possibility that the expected synergies and value creation from these transactions will not be realized or will not be realized within the expected time period; changes to
Additional risk factors are included in the Company's Annual Report on Form 10-K for 2017 and the Quarterly Reports on Form 10-Q for the periods ended
Vice President - Investor Relations
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.