Malibu Boats, Inc. filed a Form 8-K on August 24, 2026, disclosing that director Michael J. Connolly has notified the board that he will not stand for re-election at the company's 2026 annual meeting of stockholders, and that the board has voted to reduce its size from nine to eight directors.

Key Highlights

  • Director departure: Michael J. Connolly notified the Malibu Boats board on August 18, 2026 that he does not intend to stand for re-election at the 2026 annual meeting of stockholders.
  • Continued service: According to the filing, Mr. Connolly will continue to serve on the board until the 2026 annual meeting, when his current term expires.
  • No disagreement: The filing states that Mr. Connolly's decision "was not the result of a disagreement with the Company on any matter relating to the Company's operations, policies or practices."
  • Board size reduction: On August 20, 2026, the board decreased the total number of directors from nine to eight, effective upon the expiration of Mr. Connolly's term.
  • Bylaw authority: The board acted pursuant to Section 3.02 of the company's Bylaws to effect the reduction in board size.

Malibu Boats Board Shrinks to Eight Directors After Connolly Exit

Malibu Boats, Inc. (NASDAQ:MBUU), a Delaware corporation headquartered in Loudon, Tennessee, disclosed in its August 24, 2026 Form 8-K that director Michael J. Connolly informed the board of directors on August 18, 2026 that he would not seek re-election when his term concludes at the company's 2026 annual meeting of stockholders. The filing notes he will remain on the board through that meeting.

According to the filing, the company was explicit that Mr. Connolly's choice not to seek another term was not related to any dispute with Malibu Boats. The filing states his decision "was not the result of a disagreement with the Company on any matter relating to the Company's operations, policies or practices."

Following that notification, the board acted on August 20, 2026, invoking Section 3.02 of the company's Bylaws to formally reduce the authorized number of directors from nine to eight. The filing specifies that this reduction takes effect upon the expiration of Mr. Connolly's current term at the 2026 annual meeting. The 8-K was signed by Steven D. Menneto, President and Chief Executive Officer, on August 24, 2026.

What Was Disclosed

Malibu Boats disclosed a director's decision not to stand for re-election and a corresponding board-approved reduction in board size from nine to eight directors, both tied to the upcoming 2026 annual meeting of stockholders.