NextBoat has appointed Ross Tannenbaum as Chief Executive Officer, effective immediately, as the technology-driven marine marketplace shifts its focus toward profitability, national expansion, and scaling its platform. Tannenbaum succeeds Brian John, who will remain on NextBoat’s board of directors to support the transition.
NextBoat said the leadership change marks a new stage for the company as it moves beyond building its public-company infrastructure and focuses more heavily on disciplined execution, sustainable profitability, national growth, and shareholder value.
Tannenbaum brings experience across public companies, consumer businesses, retail, and entrepreneurship. He previously served as President and CEO of Dreams, a publicly traded sports-licensed products and memorabilia company, before joining Fanatics after it acquired Dreams in 2012.
At Fanatics, Tannenbaum held several senior leadership positions through 2019, including President of Retail and Collectibles, followed by a strategic business development role. Since leaving Fanatics, he has continued building and investing in entrepreneurial ventures.
NextBoat operates a vertically integrated marine marketplace spanning boat brokerage, wholesale acquisitions, auctions, financing, and marine services. The company’s ecosystem includes Off The Hook Yachts, Autograph Yacht Group, Azure Funding, and proprietary lead-generation platforms.
The Wilmington, North Carolina-based company is positioning its platform around the ability to buy, sell, finance, and service boats through an integrated national network, with proprietary technology and transaction data connecting different parts of the marine purchasing and ownership process.
NextBoat said Tannenbaum’s priorities will include strengthening its core operations, improving profitability, and scaling areas of the business that are demonstrating the strongest performance.
The company views the marine market as highly fragmented, creating an opportunity to combine brokerage, dealer, lender, service, and technology capabilities within a more centralized platform. NextBoat estimates that it operates within a $57 billion U.S. marine industry.
As part of Tannenbaum’s appointment, NextBoat’s board compensation committee approved stock options covering up to 2.5 million shares of common stock, subject to NYSE American approval of the underlying shares. The exercise price will equal the closing price of NextBoat stock on the grant date.
The award includes options for 1 million shares, with 200,000 vesting immediately and the remainder vesting in 48 equal monthly installments. Another 1 million options will vest in four tranches based on NextBoat achieving specified Adjusted EBITDA targets.
An additional 500,000 options will vest if NextBoat’s volume-weighted average share price reaches at least $5 for 60 consecutive trading days. Each option has a 10-year term, subject to continued employment and certain accelerated vesting provisions.
NextBoat was founded in 2012 and was previously known as Off The Hook YS Inc. The company said it is continuing to expand its national footprint while using technology, financing capabilities, and a growing acquisition network to create a more integrated marine marketplace.
KEY QUOTES:
“This is a defining moment for NextBoat. We have built something truly unique: a public, technology-driven marine platform with the ability to buy, sell, finance, and service boats at national scale. Ross is the leader we believe can unlock the full potential of that platform.”
“Ross has gotten to know our team and our business over the past several weeks, and he shares our focus on disciplined execution, sustainable profitability, and long-term shareholder value. His track record, energy, and ability to scale consumer businesses make him an exceptional fit for where we are going.”
Jason Ruegg, President of NextBoat
“NextBoat has the assets, the brands, the technology, and the entrepreneurial culture to become a truly important company in the marine industry. The opportunity is enormous. This is a highly fragmented market, and NextBoat is building an integrated platform capable of making the entire experience faster, smarter, and more efficient for boaters, brokers, dealers, and lenders.”
“Everything I’ve learned through this process only reinforces my conviction that the foundation is here. Now our focus is execution: strengthening the core business, driving profitability, and scaling what works. I am thrilled to lead NextBoat into this next phase.”
Ross Tannenbaum, CEO of NextBoat
