Pinellas boat giant backs CEO amid activist investor's 'failed management' accusations

Clearwater-born superyacht service company MarineMax is backing its CEO amid calls from an activist investor to oust him.

In a Tuesday morning statement, MarineMax says its board is "unanimous in its support for CEO Brett McGill." 

"Since he was appointed CEO in 2018, Mr. McGill has successfully transformed MarineMax into the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company," the company says in the statement. "Under Mr. McGill’s leadership, MarineMax has more than doubled revenue and adjusted EBITDA." 

Longtime boat industry entrepreneur Bill McGill Jr. co-founded MarineMax in 1998 and remained CEO until 2017, when the board named his son, Brett, the top executive of the firm, now based in Oldsmar.

The seven-member board's support of the younger McGill comes in response to an acquisition offer from the activist investor, Santa Monica, California-based Donerail Group, which already owns nearly 5% of MarineMax shares. Donerail made an unsolicited, all-cash offer to buy the company for $1.1 billion last week, before issuing a public letter to shareholders urging them to vote against reelecting McGill as CEO. The offer is for $35 a share — a 38% premium over the company’s 60-day volume-weighted average price of $25.45, Donerail Group says.

"It is clear to us that MarineMax’s board has become captive to its CEO, Brett McGill, and is unwilling to act independently while he remains in the boardroom – a dynamic reinforced by a culture of nepotism that insulates management from accountability," the Donerail Group says in Feb. 9 letter that reinforces its $35-a-share offer. "If this conduct continues, we believe shareholders will remain trapped in a value-destructive status quo – saddled with a failed manager and a board that has chosen entrenchment over accountability."

In Tuesday’s statement, MarineMax, disputed claims in Donerail’s letter that company leaders have “not offered any productive engagement” with the investment firm, stating that they have maintained “active and ongoing dialogue” with Donerail, including in-person meetings, a site visit to MarineMax’s Clearwater operations and a meeting with the independent board chairperson. The MarineMax board chair is Rebecca White, who is also the Walter Chair of Entrepreneurship, a professor of entrepreneurship and director of the Entrepreneurship Center at The University of Tampa.

As for Donerail’s offer, MarineMax says its board will “carefully review and evaluate the indication of interest” with independent advisors. 

MarineMax’s letter comes ahead of its 2026 annual meeting, during which McGill and two other directors are slated for reappointment. In the letter, the company defended its performance amid industry-wide challenges including softer retail demand, higher interest rates, and tariff uncertainty. “Despite these headwinds, we have continued to deliver solid operating results, strengthen our balance sheet and invest in initiatives that enhance value for our shareholders,” the letter says. 

As a result, MarineMax has outperformed its closest peer, OneWater Marine Inc., in total shareholder returns over the past five years, the letter says.

The company continues to “refresh” its board of directors, it says in the letter, “ensuring the right balance of skills, experience and diverse perspectives to guide the company’s strategy and oversight.” Since 2021, the board has appointed five new, independent directors including, most recently, cybersecurity executive Daniel Schiappa and global payments software and solutions CEO Odilon Almeida. Since 2024, seven directors have transitioned off the board, the letter says. 

MarineMax is a recreational boat and yacht retailer, marina operator and superyacht services company providing brokerage, financing, insurance and yacht maintenance services. The company operates more than 120 locations worldwide, including more than 70 dealerships and 65 marina facilities. It had $2.35 billion in revenue over the past 12 months against a loss of $57.62 million. 

Brett McGill, according to Reuters, expanded MarineMax from a mainly retail operation to an integrated marine business, acquiring marina operator Island Global Yachting in 2022 and increasing MarineMax’s debt in the process.