Lake Forest-based Brunswick names Schwabero chairman, CEO
Brunswick Corp. announced Thursday that Mark D. Schwabero has been elected chairman and chief executive officer, succeeding Dustan E. McCoy, who is retiring after serving in that position since 2005.
The appointment is effective immediately.
The action is the culmination of "a deep and robust succession process" that has evolved over the past several years, according to McCoy, who will remain with the company through the end of February.
"Management succession is among the board's principal responsibilities," McCoy said in a statement.
"Through Dusty's direction and guidance, Brunswick emerged from one of the toughest economic challenges it had faced in its 170-year history," Schwabero said. "In fact, the company is stronger now than it was at the start of the most recent downturn.
"Dusty's firm hand, optimism and unshakable confidence provided foresight and leadership not only for Brunswick, but also for the global marine industry. He has led Brunswick to six consecutive years of strong growth in operating and pretax earnings, as well as delivering strong shareholder value during that time," Schwabero said.
Schwabero, of Naperville, joined Brunswick's largest subsidiary Mercury Marine in 2004. He recently was the company's president and chief operating officer, a post to which he was named in May 2014. During his tenure at Mercury, the business launched several successful outboard engine platforms, consolidated Mercury's U.S. engine facilities and delivered record operating earnings.
As Brunswick COO, Schwabero was responsible for all of the company's day-to-day operations, with leadership of the company's three business segments - engine, boat and fitness - using the time to become more familiar with all aspects of the company and to work more closely with McCoy and the Brunswick board of directors. Schwabero will retain responsibility for all Brunswick operations, with the heads of the engine, boat and fitness businesses reporting directly to him.
Schwabero is also the chief architect of Brunswick's growth strategy outlined in the company's current three-year plan that was shared with the financial community in New York City this past November. He led Brunswick's acquisition team for the recent Cybex transaction, which is integral to the company's plan to double its Fitness segment revenue by 2020. Schwabero has been a member of Brunswick's board of directors since December 2014.
"The last important responsibility of a CEO about to retire is to leave behind a good team," McCoy explained. "This is a great team succeeding me. Their grasp and ownership of the business strategy is obvious, and their passion for delivering results is part of their DNA."
Prior to joining Mercury, Schwabero was president and chief executive officer of Hendrickson International of Woodridge, a manufacturer of heavy truck and trailer suspension systems and components.
Schwabero holds both a bachelor's of science degree and master's of science degree in industrial and systems engineering from The Ohio State University, where he was recognized with the University's Distinguished Alumnus Award in 1991, and a Meritorious Service Award in 2008.