Donerail Issues Open Letter to MarineMax Shareholders

Calls Out Board Entrenchment, Nepotism, and Obstruction of Shareholder Engagement

Published on Feb. 9, 2026

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Donerail, one of the largest shareholders of MarineMax, has issued an open letter to the company's shareholders discussing its $35.00 all-cash offer to acquire the company, its recent engagement with the company, and its intention to vote AGAINST the election of CEO Brett McGill as a Director at the company's upcoming 2026 Annual Meeting.

Why it matters

Donerail's letter highlights concerns about the governance and leadership at MarineMax, including allegations of board entrenchment, nepotism, and a failure to engage with shareholders. The outcome of the shareholder vote on Brett McGill's re-election could have significant implications for the company's future direction.

The details

Donerail claims it has made repeated efforts to engage with MarineMax's management and board over the past seven months, but those efforts have been met with "silence, procedural maneuvering, and outright obstruction." Donerail also submitted an all-cash proposal to acquire the company at a premium, but the board has not offered any productive engagement. Donerail alleges that MarineMax is being run as a "family enterprise" with a culture of nepotism, citing examples of family members being employed in senior roles. Donerail also criticizes CEO Brett McGill's track record, arguing that under his leadership, the company has experienced sustained underperformance and value destruction.

  • In the summer of 2025, Donerail made nine separate requests to meet with the MarineMax board, all of which were ignored.
  • In September 2025, Donerail's proposals to the board were left unanswered.
  • In November 2025, when Donerail nominated three directors, the board invalidated the nomination rather than allowing shareholders to choose their own representatives.
  • In January 2026, Donerail submitted an all-cash proposal to acquire MarineMax, and followed up with a more detailed proposal on February 1, 2026.
  • MarineMax's 2026 Annual Meeting is scheduled for March 3, 2026.

The players

The Donerail Group

A strategic, value-add investor and advisor that partners with management teams and boards to unlock shareholder value.

MarineMax, Inc.

A publicly traded company that is the nation's largest recreational boat and yacht retailer.

Brett McGill

The CEO of MarineMax, who Donerail alleges has overseen sustained underperformance and value destruction.

Dr. Rebecca White

The Chair of MarineMax's Board of Directors, whose appointment was championed by the founder's son, Brett McGill.

Michael McLamb

The Chief Financial Officer of MarineMax, who Donerail believes could serve as interim CEO if Brett McGill is not re-elected.

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What they’re saying

“This is not governance. It is entrenchment.”

— William Wyatt, Managing Partner, The Donerail Group (Open Letter)

“A vote AGAINST Brett McGill is a vote to reestablish accountability at the Board level and to enable a credible, independent strategic process designed to maximize value for all shareholders.”

— William Wyatt, Managing Partner, The Donerail Group (Open Letter)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.