Steve Menneto departs Polaris, named Malibu Boats CEO

Malibu Boats, Inc. has announced the appointment of Steven D. Menneto as its new Chief Executive Officer, effective August 5, 2024. According to the company, Menneto will also join its board of directors, which will increase from nine to ten members.

Menneto joins Malibu Boats from Polaris, where he was most recently president of the Off-Road Vehicle Division. In that role, he nearly doubled the division’s revenue to $7 billion over the course of four years while overseeing a large global manufacturing footprint. Menneto previously ran Polaris’ Motorcycle Division, during which time he drove significant growth, including building the Indian Motorcycle business from $3 million to approximately $500 million in revenue. Early in his career, Mr. Menneto owned his own Polaris dealership.

Polaris has thanked Menneto for his years of service to the company. However, as the market softens in Q2, Polaris faces some difficult headwinds. We will post a report on Polaris’ Q2 in the coming days.

“I want to thank Steve for the lasting contributions he made over his 27-year tenure at Polaris. We wish him the very best as he moves into this new chapter,” says Polaris Chief Executive Officer Mike Speetzen. “I will be taking on more direct management of our largest business segment and am excited to work more closely with all the talented leaders and employees within Off-Road as well as with the dealer network.”

Since 1997, Menneto has held various positions at Polaris, most recently as president of the Off-Road Vehicle Division from December 2019 to July 2024. He was also president of the Motorcycle Division from May 2009 to December 2019, and prior to May 2009, he held various sales roles at Polaris.

Menneto states, “I am honored and excited to be named Malibu Boats’ next CEO. I have long admired the company’s stellar track record, history of innovation and top of the line products. As I take on this role, I look forward to helping the company leverage its excellent growth opportunities. With the support of Malibu Boats’ tremendous team, I believe there is a great deal we can achieve to build an even better business while continuing to provide the highest quality boats on the market and delivering for all our stakeholders.”

In connection with Menneto’s appointment, the CEO’s office, consisting of Ritchie Anderson, the company’s president, and Michael K. Hooks, the board chairman, will end. Hooks will remain the board chair, and Anderson will remain the company’s president.

“We are thrilled to welcome Steve as our new CEO,” Hooks comments. “The Board conducted a comprehensive search process that included discussions with multiple highly qualified candidates who were attracted by the opportunity to lead a premier manufacturer with premium brands across multiple segments. Given the direct alignment of his experience, skill set, and track record with our business needs and strategic priorities, Steve emerged as the clear choice. He brings a well-rounded background with experience across functional areas, especially sales and distribution management. Steve has a demonstrated history of leading organizations through periods of growth and is the ideal candidate to build on our strong foundation and drive further value creation.”