Fountain Powerboats without Reggie? Surely not

by Bob Wonders on 13 Dec 2010 Every once in a while some news comes my way that I find bordering on the unbelievable; so it has been this week when I heard that Reggie Fountain, the man behind Fountain Powerboats has tendered his resignation from the company he established more than 30-years ago.

The former Mercury Marine triple world powerboat champion led Fountain Powerboats to an almost iconic position on the world powerboat market, a marque which became as well known as the legendary Cigarette Racing Team, Inc.

I guess it was the global financial crisis which led to Reggie encountering cash flow problems back in August, 2009.

He filed for bankruptcy protection in the US and the company eventually came into the hands of Liberty Investments with Reggie retained as President and CEO.

According to a report published in the Washington Daily News (that’s Washington, North Carolina, Fountain Powerboats’ hometown), Reggie has pointed to key differences in opinion between himself and the current owners as leading to his resignation.

'When I first started building performance boats in the 1970s I was personally involved in every facet of the operation,' he explained.

'At this stage of my career I’ve come full circle and plan to return to my original roots, designing and building one-off custom boats,' he added.

It came as no surprise to me to learn that in excess of US$1 billion worth of Fountain Powerboats have been sold, the majority by Reggie himself, I would wager.

For whatever one thinks of Reggie Fountain, the man is a salesman; in his early days he emerged as one of the top insurance salesmen in the United States, proving so successful it made him a millionaire.

Although Reggie said he was not able to announce any firm plans, he was intent on ‘moving forward.’

'Boat building has always been my passion and the future looks both exciting and challenging,' he declared.

'I feel the best way to utilise my talent is in new product development, racing and working directly with my customers.

'The performance boat business is changing fast and there are certain basic elements that must be in place to ensure success,' he added.

Visiting the Miami International Boat Show (as I plan on doing next year, again) will certainly be missing some of its colour without Reggie Fountain ‘holding court.’

Nevertheless, Reggie, resplendent, as usual, in his amazing array of gold jewellery, says he will be back and I for one am prepared to accept that as gospel.