Brunswick sets 2027 CEO handoff to Áine Denari
Brunswick detailed a year-end 2026 CEO retirement, a January 2027 succession, and multi-million dollar retention equity awards for key executives.
Rhea-AI Filing Summary
Brunswick Corporation (BC) announced a planned leadership transition. David M. Foulkes will retire as Chairman and Chief Executive Officer effective December 31, 2026. Effective January 1, 2027, Áine L. Denari, currently Executive Vice President, President – Navico Group and Chief Technology Officer, will become Chief Executive Officer and join the Board, while David Everitt will become Non-Executive Chairman. The company entered into a new employment agreement with Ms. Denari effective January 1, 2027, providing a $1,150,000 annual base salary, annual bonus opportunity under the Brunswick Performance Plan, equity awards under the 2023 Stock Incentive Plan, and participation in standard senior executive benefit plans. To support leadership continuity, the Human Resources and Compensation Committee approved special time-vested restricted stock unit retention awards for three senior executives with grant-date values of $3.0 million and $1.7 million each, vesting after two years with limited early vesting only if terminated without Cause.
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8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
CEO retirement effective date: December 31, 2026
CEO transition effective date: January 1, 2027
Áine L. Denari CEO base salary: $1,150,000 per year
+5 more
8 metrics
CEO retirement effective date
December 31, 2026
Effective date of David M. Foulkes’s retirement as Chairman and Chief Executive Officer
CEO transition effective date
January 1, 2027
Effective date when Áine L. Denari becomes Chief Executive Officer and joins the Board; David Everitt becomes Non-Executive Chairman
Áine L. Denari CEO base salary
$1,150,000 per year
Annual base salary under Terms and Conditions of Employment effective January 1, 2027
CFO retention RSU grant-date value
$3,000,000
Special Retention Equity Award in RSUs to Executive Vice President and CFO Ryan M. Gwillim on September 21, 2026
President – Mercury Marine retention RSU value
$1,700,000
Special RSU Retention Equity Award to Executive Vice President and President – Mercury Marine John G. Buelow
President – Brunswick Boat Group retention RSU value
$1,700,000
Special RSU Retention Equity Award to Executive Vice President and President – Brunswick Boat Group Brenna D. Preisser
Retention RSU vesting period
2 years
Time-vested RSUs fully vest on the two-year anniversary of the September 21, 2026 grant date
Employees
14,500 employees
Approximate global workforce of Brunswick operating in 26 countries
Key Terms
restricted stock units, Brunswick Performance Plan, Non-Executive Chairman, 2023 Stock Incentive Plan, +1 more
5 terms
restricted stock units financial
"special retention equity awards in the form of time-vested restricted stock units"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Brunswick Performance Plan financial
"an annual target bonus opportunity under the Brunswick Performance Plan"
Non-Executive Chairman regulatory
"David Everitt will assume the role of Non-Executive Chairman"
A non-executive chairman leads a company's board of directors but does not run day-to-day operations or hold an executive management role; they focus on overseeing strategy, setting board agendas, and holding executives accountable. For investors, this role matters because a capable, independent chair can strengthen corporate governance, reduce management risk, and influence long-term strategy and leadership choices—like a team captain who watches the game and makes calls without playing on the field.
2023 Stock Incentive Plan financial
"equity-based awards under the Brunswick's 2023 Stock Incentive Plan"
forward-looking statements regulatory
"Certain statements in this news release are forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What leadership changes did Brunswick (BC) announce in this 8-K?
David M. Foulkes will retire as Chairman and CEO effective December 31, 2026. Áine L. Denari becomes Chief Executive Officer and a Board member, and David Everitt becomes Non-Executive Chairman, both effective January 1, 2027.
What is Áine L. Denari’s compensation as CEO of Brunswick (BC)?
Under a new agreement effective January 1, 2027, Áine L. Denari will receive an annual base salary of $1,150,000, an annual target bonus opportunity under the Brunswick Performance Plan, eligibility for equity awards under the 2023 Stock Incentive Plan, and standard senior executive benefits.
When does Brunswick’s CEO transition become effective?
The transition is staged: David M. Foulkes retires December 31, 2026, and Áine L. Denari becomes CEO and a Board member, and David Everitt becomes Non-Executive Chairman, all effective January 1, 2027.
What retention equity awards did Brunswick (BC) grant to key executives?
On September 21, 2026, Brunswick granted special time-vested RSU retention awards with grant-date values of $3,000,000 to CFO Ryan M. Gwillim and $1,700,000 each to John G. Buelow and Brenna D. Preisser, vesting fully on the two-year anniversary of the grant date.
What are the vesting terms of Brunswick’s special RSU retention awards?
The special RSUs fully vest after two years from the September 21, 2026 grant date, exclude standard retirement vesting provisions, and vest pro rata if the executive is involuntarily terminated by the company without “Cause,” following Brunswick’s standard RSU terms except as modified.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 17, 2026
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 17, 2026, David M. Foulkes notified the Board of Directors (the “Board”) of Brunswick Corporation (“Brunswick” or the “Company”) of his decision to retire as Chairman of the Board and Chief Executive Officer, effective as of December 31, 2026. In connection with Mr. Foulkes’s retirement, the Company announced on September 21, 2026, that, effective as of January 1, 2027, Áine L. Denari, the Company’s current Executive Vice President, President - Navico Group and Chief Technology Officer, will assume the role of Chief Executive Officer, and David Everitt, who currently serves as the Lead Independent Director of the Company, will assume the role of Chairman of the Board. Ms. Denari will also replace Mr. Foulkes as a member of the Board, effective as of January 1, 2027, and will serve for the remainder of Mr. Foulkes’s term until the Company’s 2027 Annual Meeting of Shareholders.
Ms. Denari, 54, has been the Company’s Executive Vice President and President – Navico Group and Chief Technology Officer since August 2024. Ms. Denari joined Brunswick in October 2020 as Executive Vice President and President – Brunswick Boat Group. Prior to joining Brunswick, Ms. Denari worked at ZF AG as Senior Vice President and General Manager, Global Electronics ADAS (Advanced Driver Assistance Systems), from 2017 to 2020; as Senior Vice President, Planning and Business Development, from 2015 to 2017; and as Vice President, Business Development and Product Planning, from 2014 to 2017. Ms. Denari previously served in a variety of executive positions within the automotive industry and in leadership positions at major global consulting firms.
In connection with the appointment of Ms. Denari as the Chief Executive Officer, on September 21, 2026, the Company and Ms. Denari entered into Terms and Conditions of Employment, effective as of January 1, 2027 (the “Agreement”), which supersedes and terminates Ms. Denari’s prior Terms and Conditions of Employment, dated as of October 26, 2020. The term of the Agreement begins on its effective date and continues until terminated in accordance with its terms. Pursuant to the Agreement, in her new role as Chief Executive Officer, Ms. Denari will earn an annual base salary of $1,150,000. Furthermore, the Agreement provides that Ms. Denari will be entitled to (i) an annual target bonus opportunity under the Brunswick Performance Plan, with the target determined in accordance with the applicable plan terms, (ii) participate in and receive equity-based awards under the Brunswick's 2023 Stock Incentive Plan as determined by the Human Resources and Compensation Committee (the “Committee”), and (iii) participation in Company-sponsored retirement, health, welfare and other benefit plans offered to similarly situated senior executives, as generally described in Brunswick's most recent proxy statement filed with the Securities and Exchange Commission on March 19, 2026.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
There is no arrangement or understanding between Ms. Denari and any other person pursuant to which she was selected to serve as Chief Executive Officer or as a member of the Board. There are no family relationships among any of the Company’s directors or executive officers. Ms. Denari has not had an interest in any transaction with the Company, or any proposed transaction, that requires disclosure pursuant to Item 404(a) of Regulation S-K.
To assist with maintaining leadership continuity and retaining critical talent, the Committee approved grants of special retention equity awards (“Retention Equity Awards”) in the form of time-vested restricted stock units (“RSUs”), with a grant date of September 21, 2026, to each of the following: (1) Ryan M. Gwillim, the Company’s Executive Vice President and Chief Financial Officer, with a grant-date value of $3,000,000; (2) John G. Buelow, the Company’s Executive Vice President and President – Mercury Marine, with a grant-date value of $1,700,000; and (3) Brenna D. Preisser, the Company’s Executive Vice President and President – Brunswick Boat Group, with a grant-date value of $1,700,000. The RSUs will be subject to Brunswick’s standard terms and conditions for RSUs, except that they: (i) will fully vest upon the two-year anniversary of the grant date, (ii) will not include the standard provisions that allow vesting upon retirement, and (iii) will vest pro rata if the executive’s employment is involuntarily terminated by the Company without “Cause” (as defined in Brunswick’s standard terms and conditions for RSUs).
The terms and conditions of the Retention Equity Awards are substantially identical to the standard terms and conditions for restricted stock units, which are filed as Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and incorporated herein by reference, except as noted above.
A news release regarding these changes is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description of Exhibit | ||||
10.1 | Terms and Conditions of Employment Agreement for Áine L. Denari, effective January 1, 2027. | ||||
99.1 | Brunswick Corporation News Release, dated September 21, 2026, announcing leadership transition. | ||||
| 104 | The cover page from this Current Report on Form 8-K, embedded within and formatted in Inline XBRL. | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BRUNSWICK CORPORATION | ||||||||
| Dated: September 21, 2026 | By: | /S/ CHRISTOPHER F. DEKKER | ||||||
| Christopher F. Dekker | ||||||||
| Executive Vice President, General Counsel, Secretary and Chief Compliance Officer | ||||||||
 | News Release | ||||
| Brunswick Corporation 26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045 | |||||
| Telephone 847.735.4700 | |||||
Brunswick Corporation Announces Leadership Transition
David Foulkes to retire from Brunswick as Chief Executive Officer and Chairman of the Board at the end of 2026;
Aine Denari appointed as Chief Executive Officer effective January 1, 2027;
Lead Independent Director, David Everitt will become Non-Executive Chairman
METTAWA, Ill. Sept. 21, 2026 - Brunswick Corporation (NYSE: BC), the global leader in marine manufacturing and technology, today announced that Executive Chairman of the Board of Directors & Chief Executive Officer David Foulkes, will retire from Brunswick at the end of the year. Aine Denari, currently Executive Vice President and President, Navico Group, and Brunswick Chief Technology Officer has been appointed Chief Executive Officer and will join the Brunswick Board of Directors effective January 1, 2027. David Everitt, currently Brunswick Lead Independent Director, will assume the role of Non-Executive Chairman also effective January 1, 2027.
“It has been the greatest honor and privilege of my professional life to lead Brunswick Corporation as CEO for the last eight years,” said Foulkes. “With the best leadership team in our industry and the hard work and support of our thousands of committed and talented global employees, we have built the world’s largest and most innovative marine technology company and have outperformed the market and delivered strong shareholder returns through a prolonged period of external turbulence.”
Foulkes has had a distinguished two-decade career at Brunswick, including service as the Company’s Chairman since February 2025 and Chief Executive Officer since January 2019, leading Brunswick through one of the most successful and transformational periods in its history. Prior to his appointment as Chief Executive Officer, Foulkes served as the Company’s first Chief Technology Officer and ran Brunswick’s Boat Group and financial services businesses, which later became the core of Business Acceleration. His first role with Brunswick was as Vice President of Product Development in the Mercury Marine division, leading the development of the range of outboard, sterndrive, and diesel engines, and advanced controls that now form the core of Mercury Marine’s industry-leading product line-up.
“I am very proud of the exceptional organization we have built, the rich culture we have cultivated, and the leadership position we have earned across the recreational marine industry,” said Foulkes. “With the support of my colleagues, I have achieved much of what I set out to do as Brunswick CEO. I am especially grateful to the Senior Management Team, whose individual and collective leadership I consider exceptional and among the strongest in any industry. I also want to thank my family, especially my wife Gillian, whose unwavering support made my professional achievements possible.”
Foulkes continued, “One of the most important duties of the CEO is to work with the Board to prepare a successor. I believe the time is right for a transition, and I am extremely confident that Aine is the right person to lead Brunswick on the next stage of its journey. Aine’s broad skill set as a business and technology leader, her strong commitment to Brunswick’s employees and partners, her deep understanding of the marine industry and her ability to deliver financial results will position Brunswick for continued success. I look forward to working with Aine to ensure the smoothest possible transition.”
Denari is a seasoned leader with over 30 years of experience across automotive, mobility, industrial and manufacturing businesses. In 2024, as part of Brunswick’s robust talent development and rotation process, Denari moved into a dual role as President of Navico Group and Brunswick Chief Technology Officer, further broadening her marine, technology, and enterprise leadership experience. In these roles, she helped drive Navico Group market share gains, strong financial performance, and new product innovation from brands such as Lowrance and Simrad including AutoCaptain, the market’s first fully integrated autonomous boat docking solution. She joined Brunswick in 2020 as Executive Vice President and President of Brunswick Boat Group, leading the business through dynamic market conditions while launching new and award-winning boat models and brands and delivering strong financial results. Denari also serves as a director of Masco Corporation. Her experience spans multiple industries, geographies, and customer channels, and she is well positioned to build on Brunswick’s legacy of advanced technology, product leadership, and continuous improvement.
Denari brings deep engineering expertise and business leadership experience, supported by advanced degrees in engineering and business as well as executive education from several globally recognized institutions, including Stanford, Northwestern, Purdue, the University of Detroit Mercy, and University College Dublin.
“I am thrilled to be appointed CEO of Brunswick Corporation, an exceptional company with a proud legacy, and I look forward to building on its strong foundation,” said Denari. “I thank Dave and the Board for their confidence and trust, and I am committed to a seamless transition. As we move forward, we will continue to execute the strategy outlined at our 2026 Investor Day and build on our strong momentum to deliver transformational growth. I deeply believe in our Next Never Rests culture of continuous improvement and am excited to help lead the next generation of innovative, technology-enabled solutions that make boating easier and more enjoyable. We will continue to strengthen our industry-leading portfolio of marine products while advancing our position as a technology leader in the marine industry. I look forward to working with our Board and leadership team to support and develop our award-winning global workforce of 14,500 employees, while continuing to create long-term value for our shareholders and all stakeholders”
Everitt commented, “This leadership transition is the culmination of the Board’s robust and thoughtful succession planning process leveraging the Company’s talent development work. On behalf of the entire Board, our employees, customers, and shareholders, I thank Dave for his remarkable service and his commitment to ready the next generation of Brunswick leaders and maintain an award-winning culture. We are confident Aine is the ideal next CEO for Brunswick, and we are excited to work with her as she leads the Company forward to deliver its next phase of growth and success.”
About Brunswick Corporation:
Brunswick Corporation (NYSE: BC) is a global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. Its technology-driven solutions are informed by deep consumer insights and guided by the belief that “Next Never Rests™.” Brunswick is home to more than 60 industry-leading brands across marine propulsion (including Mercury Marine), parts and accessories (including Attwood), and marine electronics (including Simrad and Lowrance), as well as boat brands including Boston Whaler, Sea Ray, Bayliner, Lund, and Harris. Headquartered in Mettawa, Illinois, Brunswick has approximately 14,500 employees operating in 26 countries. Learn more at Brunswick.com.
Forward-Looking Statements
Certain statements in this news release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “will,” “expect,” "anticipate," "project," "position," “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual
results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes to trade policy and tariffs, including retaliatory tariffs; fiscal and monetary policy changes; adverse capital market conditions; changes in currency exchange rates; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; absorbing fixed costs in production; our ability to meet demand in a rapidly changing environment; public health emergencies or pandemics; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; the risk that restructuring or strategic divestitures will not provide business benefits; our ability to identify and complete targeted acquisitions; maintaining effective distribution; dealer and customer ability to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; an impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal, environmental, and other regulatory compliance, including increased costs, fines, and reputational risks; risks associated with joint ventures that do not operate solely for our benefit; changes in income tax legislation or enforcement; managing our share repurchases; and risks associated with certain divisive shareholder activist actions.
Additional risk factors are included in the Company’s Annual Report on Form 10-K for 2025 and in subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and Brunswick does not undertake any obligation to update them to reflect events or circumstances after the date of this news release.
Contact Data:
Lee Gordon
Chief Communications Officer
M: (904) 860-8848
O: (847) 735-4003