MarineMax executive resigns

CLEARWATER — In a Tuesday filing with the Securities and Exchange Commission, MarineMax Inc. announced that Edward A. Russell resigned as executive vice president and chief operating officer of the company on Monday.

According to the filing, Russell had worked 28 years for the company, which is the largest retailer of boats and yachts in the U.S. The company states that Russell left to “pursue other opportunities,” and his duties will be assumed by other employees at MarineMax.

MarineMax says in the filing it plans to pay Russell severance for 18 months that is equal to the average of his base salary and bonus for the past two years. It will also provide for the “vesting and excercisability” for the full term of the stock options that Russell has not used.

Headquartered in Clearwater, MarineMax has 54 retail locations in 19 states and operations in the Virgin Islands. For the quarter ended March 31, it posted a net income of $2.3 million on revenue of $144 million. This improved over the $4.5 million loss it had on revenue of $115.8 million the same quarter a year ago. Its shares recently traded for $10.34 (NYSE: HZO).