The past year has been a tumultuous one for the Motorcycle Aftermarket Group (MAG). In November 2017, the conglomerate filed for Chapter 11 bankruptcy protections, as it restructured its debt from missteps during the economic recession.
That process concluded in April of this year, with the company’s creditors (Monomoy Capital Partners, BlueMountain Capital, and Contrarian Partners) taking control and ownership of MAG.
Now trying to move forward, MAG has announced that Mike Buettner will become the company’s interim CEO, while Bob Peiser will serve as chairman of MAG’s Board of Directors.
The news comes as the Sturgis motorcycle rally kicks off in South Dakota, where both Buettner and Peiser will be in attendance, in order to meet customers and dealers who were affected by MAG’s restructuring. The pair will also be at the AIMExpo and the Tucker Dealer show, later this year.
Buettner is no stranger to the Motorcycle Aftermarket Group, as he previously served as the company’s Chief Financial Officer from 2005 to 2007. After his first stint at MAG, Buettner served as a board member for Spyder Active Sports and S&S Cycle, amongst other roles and positions.
“I’m excited to come home and re-engage in the powersports market,” said Buettner. “I’m looking forward to seeing old friends and establishing new relationships. As guardian of some the most iconic brands in the industry, we must support not only the brands but also the industry.”
“While the market is going through a transformation, our strong balance sheet, growing new product pipeline, and an employee base whose horsepower is about to be unleashed, I see only exciting times ahead.”
Complimenting Buettner’s expertise, Peisner brings industry experience as well, but more importantly he is an experienced hand at turning around troubled companies. Most notably, he was instrumental in the restructuring of Trans World Airlines (TWA) back in 1995.
A motorcycle industry veteran as well, Peisner has experience on the dealer-side of the motorcycle business, serving as a board member of America’s Powersports Inc. – a dealership group that sold motorcycle and other powersports units from Harley-Davidson, Honda, Polaris, BMW, and other OEMs.
“Like Mike, I am excited to join MAG and look forward to working with our entire management team to serve our vendors, as well as our dealer and rider customers during the industry’s transformation,” said Peiser.
The duo has no small task ahead of them. Restoring dealer-faith in MAG and its house of brands will be paramount to the company’s success, but also at hand is the troubled US motorcycle market, and ever-changing landscape for transportation and recreation.
Any one of these tasks would be difficult to navigate, and it remains to be seen if the combination of them can be overcome. That being said, both of these gentlemen come with considerable experience and impressive resumés for the task. We wish them the best of luck.
Source: Motorcycle Aftermarket Group
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