NextBoat, a Wilmington-based publicly traded pre-owned boat company, has named a new CEO. 

Effective Sept. 28, Ross Tannenbaum stepped into the role, which was previously held by Brian John, who will remain on the company’s board of directors, according to a press release. 

According to SEC filings, John tendered his resignation as CEO before Tannenbaum’s appointment. NextBoat’s board of directors approved appointing Tannenbaum to the role on Sept. 25. According to the filings, the resignation “did not result from any disagreement with the company on any matter relating to the company’s operations, policies or practices.”

The release states that Tannenbaum's appointment as CEO marks “an ambitious new chapter" for NextBoat as the company focuses on profitability.

"This is a defining moment for NextBoat," said Jason Ruegg, NextBoat's president and founder, in the release. "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.”

The company, which formerly operated as Off the Hook Yachts, reported record revenue in its second-quarter earnings at $59.1 million. Since going public in November, the company has acquired two firms and rolled out an AI-based marketplace platform.

Ruegg founded the company in 2012, after previously flipping and selling boats for profit while enrolled at UNCW. 

“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,” Ruegg said in the release. “His track record, energy and ability to scale consumer businesses make him an exceptional fit for where we are going. I could not be more excited about the future of this company."

Tannenbaum previously served as president and CEO of Dreams, Inc., a sports licensed products company, which Fanatics, a sports licensed merchandise company, acquired in 2012; Tannenbaum also served in senior executive roles at Fanatics. 

According to SEC filings, Tannenbaum left Fanatics in 2019 and “pursued various entrepreneurial and investment activities, including as an owner and operator of businesses in the marine services, outdoor lighting, consumer electronics, hospitality and marina industries.”

"NextBoat has the assets, the brands, the technology and the entrepreneurial culture to become a truly important company in the marine industry," said Tannenbaum in the release. "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.” 

He added, “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."

According to SEC filings, Tannenbaum was hired on a four-year contract, eligible for one-year renewals, with an initial base salary of $240,000 that would increase to $400,000 after the first year of employment. 

NextBoat also granted Tannenbaum stock options to acquire up to 2.5 million shares of common stock at $1.96 per share, following approval from the New York Stock Exchange American. According to the release, the options include time-based, performance-based and stock-price-based awards, with vesting tied to continued employment, adjusted EBITDA targets and the company’s stock price.

NextBoat, which trades on the New York Stock Exchange under the ticker NXB, was priced at $2.01 as of Wednesday afternoon. Over the past six months, the stock has increased by 0.50%.