Motorsport Aftermarket Group (MAG) announced that Andy Graves, president and CEO, has made the decision to retire from the company effective July 31, 2018.
Graves has been MAG’s CEO since January 2015 and said, “This is a personal decision based on my desire to spend more time with my family, pursue other interests, and engage more fully in service opportunities. I believe the timing for me to retire this summer coincides well with MAG embarking on a new chapter; this is the appropriate time for an effective transition of leadership.”
MAG has launched an external search for a new CEO and is confident that the company will welcome a new leader who will bring a passion for powersports, along with strong consumer, dealer and operating insights. The board has asked Graves to provide consulting support through July of 2019 to help facilitate this transition.
“We are thankful for Andy’s strong leadership of MAG through the bankruptcy process and are grateful for his willingness to provide a smooth transition in this interim period. We wish him the best in his retirement. MAG now has a healthy balance sheet and an ownership group eager to support new growth opportunities. The company is well-positioned to lead the industry by developing and delivering the most desired brands and innovative products to riders anywhere they shop from dealer to digital,” said David Robbins, managing director of Monomoy Capital Partners.
Last year, MAG filed chapter 11 and began implementing a recapitalization plan to eliminate approximately $300 million in debt. To support operations through this process, MAG has secured up to $135 million in debtor-in-possession (DIP) financing from certain of its current secured lenders.
Links:
