Island Capital Group Questions MarineMax's Operating Strategy Amid Deteriorating Performance; Says "Compensation For Senior Management Well Exceeds $10M Per Year, Costing Shareholders $50M-$100M Of Value At A Time When The EBITDA Run Rate Of The Co Has Fallen By More Than $100M, The Stock Price Has Fallen By More Than 40% In The Past 3-Years"

Author: Benzinga Newsdesk | July 24, 2024 08:47am

According to MarineMax's definitive proxy statement for the 2024 Annual Meeting of Shareholders, as of December 18, 2023 (the record date for the Annual Meeting), compensation for senior management well exceeds $10 million per year, costing shareholders $50 million to $100 million of value at a time when the EBITDA run rate of the Company has fallen by more than $100 million. The stock price has fallen by more than 40% in the past three years.

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