Malibu Boats Hires Steve Menneto as New CEO
After 27 years at Polaris, most recently as President of the Off-Road Vehicle Division, Steve Menneto has joined Malibu Boats as its next CEO.
As the Off-Road Vehicle Division President for Polaris, Menneto nearly doubled the division's revenue to $7bn over the course of four years while overseeing a large global manufacturing footprint.
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.
Menneto previously ran Polaris' Motorcycle Division, during which time he drove significant growth, including building the Indian Motorcycle business from $3m to approximately $500m in revenue. Prior to that he held various sales roles at Polaris and early in his career, Mr. Menneto owned his own Polaris dealership.
"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," said 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."
Menneto stated: "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.