Saxdor Yachts announced on 16 October 2026 that chief executive Erna Rusi is leaving by mutual agreement. The news came seven and a half months after Malibu Boats closed its purchase of the Finnish boatbuilder on 2 March, for about €150 million ($175 million) plus up to €71.25 million (about $84 million) more if Saxdor hits agreed targets. Eric Lindquist, Malibu's chief growth officer, is interim CEO while the company looks for a permanent successor.
"We would like to thank Erna for everything she has contributed to Saxdor over the past five years," Lindquist said. "As we look ahead, our priority is to find the right leader to guide Saxdor into its next chapter."
Who is running Saxdor in the meantime?
Lindquist joined Malibu Boats as chief growth officer in December 2024, with the job of taking the group into new, related businesses. Before that, according to the Equilar executive database, he was director of electrification and power systems at Brunswick Corporation.
In the official press release he echoed the promises both brands, Malibu and Saxdor, made in March: "We are committed to preserving Saxdor's autonomy and ensuring that it continues to operate and grow as a standalone global brand, with its own distinct identity, ambitions, and close relationships with its partners and customers."
Five years with Rusi in charge
Rusi took over at Saxdor Yachts on 20 October 2021. She came from senior jobs at the Nordic telecom group Telia Company. "My background is from telecom business, heavy corporate sides," she told Yachts Croatia in 2024. The founder is Sakari Mattila, who started Saxdor in Helsinki in 2019 after building Aquador, Paragon, XO Boats and Axopar.
Revenue rose about 65% in 2025, to €180 million (about $203 million) from €109 million (about $118 million). Saxdor says that under her it "has grown from an ambitious young shipyard into the fastest-growing brand in the marine industry". In September, in Cannes, Rusi talked about a second 10,000-square-metre production hall in Ełk, Poland (our report).
On 3 March, the day Saxdor announced the sale, she told the German magazine float that she was staying. "I have committed to the next three years, as has the rest of the leadership team, and Sakari Mattila," she said. "We are all staying."
What did Malibu pay, and what did it promise?
Malibu Boats is based in Loudon, Tennessee, and also owns Axis, Pursuit, Cobalt, Cobia and other brands. For Saxdor it paid €110 million ($130 million) in cash plus 1,523,794 of its own shares, then worth about €40 million ($45 million).
The other €71.25 million is an earn-out, a later payment Malibu makes only if Saxdor meets operating and financial targets in 2026, 2027 and 2028, in cash or shares. At closing Malibu valued it at $32.6 million (about €28 million).
In March Malibu said Saxdor would keep its brand and its "operational autonomy" as a subsidiary, and Saxdor said its management team would stay. Mattila was to remain head designer and advise across Malibu's other brands.
| Saxdor inside Malibu | Figure |
|---|---|
| Revenue, 2 March to 30 June 2026 | $84.3 million (about €73 million), 246 boats |
| Share of Malibu's revenue, year to 30 June 2026 (Saxdor from 2 March) | 9.2% |
| Typical retail prices of Saxdor boats | $130,000 to $825,000 (about €116,000 to €733,000) |
Source: Malibu Boats annual report and fourth-quarter results, 27 August 2026.
In August Malibu chief executive Steve Menneto said the integration was "progressing well".
Saxdor starts building boats in Florida
On 19 October Saxdor said series production had started at Malibu's plant in Fort Pierce, Florida. The first American-built 320 GTO, a model currently built in Europe, is finished, and the 270 GTO, also built in Europe, is next. "With the first 320 GTO now completed and more models to follow, we are bringing our production closer to our US customers…" said Don Smith, Saxdor's president of sales for the Americas.
At the Fort Lauderdale International Boat Show, from 28 October to 1 November, Saxdor will premiere the 350 GTW, an updated 340 GTWA, and show its flagship 460 GTC, which is already on the water. The 460 GTS, shown in Cannes in September, is in final testing; Saxdor plans to bring it to the American market in mid-2027.
Saxdor also agreed with MarineMax, the US dealer group that sells its boats, that Malibu dealers can sell the boats in areas where MarineMax does not represent the brand.
Photo: Saxdor Yachts. Source: Saxdor Yachts announcement via Pressmare (16.10.2026); Marine Industry News and Trade Only Today (19.10.2026); Saxdor Yachts press releases (21.10.2021, 03.03.2026, 19.10.2026); Malibu Boats press release and 8-K (02.03.2026), 10-K and fourth-quarter results (27.08.2026); float Magazin (03.03.2026); Yachts Croatia (12.06.2024); Equilar.
