For Clearwater boat retail giant MarineMax, 2020 was a very good year — and its top executives have been richly rewarded for the company’s success.
In the proxy statement for its annual meeting of shareholders scheduled for Feb. 25, the company says it handed out $2,753,454 in performance-based cash bonuses to its five top executives, led by CEO Brett McGill, who took home a cool $1,033,340 for his efforts, bringing his total 2020 compensation to $2,990,464.
The numbers don’t lie: Driven by unexpectedly strong sales during the pandemic, MarineMax’s gross revenue rose from $1.24 billion in 2019 to $1.51 billion last year, an increase of nearly 22 percent. Contrast that with 2018-19, when the firm’s gross revenue rose by just 5 percent, from $1.18 million to $1.24 billion.
The company’s stellar performance was no fluke — consumers wary of air travel and staying in hotels flocked to all manner of boats and RVs. (Lazydays, a Tampa-based RV dealer with locations across the country, saw its stock price rise by 278 percent.)
MarineMax’s fourth-quarter performance was particularly impressive, with revenue surging at a 29 percent clip to $398.8 million, compared to $308.1 million in the fourth quarter of 2019.
“The MarineMax Team generated a record $1.5 billion of revenue and more than doubled our earnings per share while overcoming these extremely uncertain times,” McGill states in a press release. “We believe this demonstrates the strength and flexibility of our business model. I could not be prouder of the entire team for their focus, hard work and passion for MarineMax.”
MarineMax rewarded former CEO William McGill — Brett’s father, who now serves as executive chairman of the board — with a $794,877 bonus. Chief Financial Officer Michael McClamb received $411,746, while Chief Revenue Officer Chuck Cashman took home $356,105. Also snagging a performance-based bonus was Chief Accounting Officer Anthony Cassella Jr., who received $157,386.
Brett McGill points to a pandemic-driven “foundational shift” in the boating industry in 2020 that brought in vast numbers of new customers and led existing customers to upgrade to larger boats. And he sees continued success on the horizon for 2021 and beyond.
“Looking ahead, our business outlook remains promising as more people are realizing that boating is a safe way for families to spend time together enjoying the boating lifestyle,” McGill states. “We are happy that many people have rediscovered the benefits of the boating lifestyle, which gives us increased confidence for the future.”