Marine Products Corporation Announces Leadership Transition

ATLANTE, May 17, 2022 /PRNewswire/ — Marine Products Corporation (NYSE: MPX) today announced several changes to its leadership team and board of directors. Marine Products is a leading manufacturer of fiberglass boats under the Chaparral and Robalo brands. Chaparral sterndrive models include SSi and SSX, as well as the Chaparral Surf series. Chaparral’s outboard offerings include the OSX luxury sport boats and the SSi and SSX outboard models. Robalo builds a line of outboard sport fishing boats, which include center consoles, dual consoles and Cayman Bay Boat models.

The following changes to Marine Products’ officers and board of directors are effective immediately:

  • The transition from Richard A. HubbellPresident and Chief Executive Officer, to the Executive Chairman of the Board of Directors;
  • The abandonment by Gary W. Rollins his position as non-executive chairman of the board of directors of Marine Products Corporation, while remaining a director of the company;
  • Promotion Ben M. PalmerChief Financial Officer, as President and Chief Executive Officer, and his election by the Board as a Class I Director;
  • The appointment of Michael L. Schmit to the Chief Financial Officer and Corporate Secretary.

“Our announcement today is consistent with our history of management continuity,” said Richard A. Hubbell, Executive Chairman. “I am pleased to continue my long association with Marine Products Corporation and our Board of Directors as we continue our more than 56 year history of producing exceptional pleasure craft with broad consumer appeal and market share. I also express my complete confidence in Ben as he takes on this new role.”

“I am delighted to take on this new role at Marine Products Corporation,” said Ben M. Palmer, President and CEO. “Our permanent operational management team will continue to operate both of our brands and deliver strong financial results. The management team will leverage our deep industry knowledge to pursue strategic growth opportunities and pursue the strategy to term aiming to generate best-in-class shareholder returns. We are also pleased to welcome mike schmit to our management team. Mike has a wealth of successful finance and accounting experience in several multinational manufacturing companies, including experience in public companies, integration of business combinations and financial management. I am confident that this experience will serve him well in this role at Marine Products Corporation.”

MANAGEMENT PROFILES

Richard A. Hubbell previously, he served as President and Chief Executive Officer of Marine Products Corporation since its inception in 2001. He was also a director of Marine Products Corporation. Mr. Hubbell is currently Executive Chairman of the Board of RPC, Inc., and previously served as President of RPC, Inc. from 1987 to 2022 and CEO from 2005 to 2022. Previously, Mr. Hubbell served as Executive Vice President of Rollins Communications, Inc.

Ben M. Palmer previously served as Chief Financial Officer of Marine Products Corporation since its inception in 2001 and Corporate Secretary since 2018. Mr. Palmer is currently President and Chief Executive Officer and Director of RPC, Inc. He previously served as Chief Financial Officer of RPC, Inc. from 1996 to 2022 and as Corporate Secretary from 2018 to 2022. Prior to that, Ben held several positions in financial management and public accounting.

Michael L. Schmit joined Marine Products Corporation from SWM International, where he served as Director of Accounting and Corporate Controller. Previously, he served as Chief Accounting Officer and Corporate Controller of Chart Industries. Earlier in his career, Mike worked for other public companies and in public accounting, both in the United States and in Australia. Mike holds a CPA certification as well as several other related professional designations. Effective today, he is also Chief Financial Officer and Corporate Secretary of RPC, Inc.

Marine Products Corporation (NYSE: MPX) designs, manufactures and distributes premium brand Chaparral outboard and propulsion pleasure boats, as well as Robalo outboard sport fishing boats. The Company continues to diversify its product lines through product innovation. With premium brands, a strong capital structure and a strong network of independent dealers, Marine Products Corporation is poised to capitalize on opportunities to increase market share and generate superior financial performance to create value at long term for shareholders. For more information about Marine Products Corporation, visit our website at MarineProductsCorp.com.

Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements forward-looking in time or expressing the beliefs, expectations or hopes of The direction. In particular, these statements include, but are not limited to, the belief that we will continue to manufacture products with broad consumer appeal and dominant market share, and that our two brands will continue to generate strong financial results. Additional discussion of factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations is contained in Marine Products’ Annual Report on Form 10-K, filed with the Securities and Exchange. United States Commission (the “SEC”) for the year ended December 31, 2021including the discussion of “risk factors” contained therein.

For more information, contact


BEN M. PALMER

JIM LANDERS

President and CEO

Vice President Corporate Services

(404) 321-7910

(404) 321-2162

[email protected]

[email protected]

SOURCE Marine Products Corporation

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