---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-063485"
form_type: "8-K"
ticker: "MPX"
cik: "0001129155"
company_name: "MARINE PRODUCTS CORP"
filed_at: "2022-05-20T23:59:59+00:00"
generated_at: "2026-06-25T08:34:47.030602+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Marine Products CEO Hubbell becomes Executive Chairman; Palmer promoted to CEO, Schmit new CFO

## Summary
- Richard Hubbell transitions from CEO to Executive Chairman; Gary Rollins steps down as Non-Executive Chairman but remains a director.
- Ben Palmer promoted from CFO to President and CEO, appointed to Board as Class I director.
- Michael Schmit appointed VP, CFO and Corporate Secretary, effective May 17, 2022.
- Palmer annual base salary $450k, stock grant of 40,000 RSUs; Hubbell $300k salary, 26,000 RSUs; Schmit $150k salary, 15,000 RSUs.

## SEC filing metadata
- accession: 0001104659-22-063485
- form_type: 8-K
- ticker: MPX
- cik: 0001129155
- company_name: MARINE PRODUCTS CORP
- filed_at: 2022-05-20T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1129155/000110465922063485/0001104659-22-063485-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1129155/000110465922063485/tm2216223d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-063485
- JSON: https://secwatch.observer/filing/0001104659-22-063485.json
- Plain text: https://secwatch.observer/filing/0001104659-22-063485.txt

## Key facts
- Executive change
  Ben M. Palmer was appointed as Class I Director at MARINE PRODUCTS CORP.
  - Action: appointed
  - Role: Class I Director
  source text: Mr. Palmer was also appointed to the Board as a Class I director and the Executive Committee as of the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1129155/000110465922063485/0001104659-22-063485-index.htm
- Executive change
  Richard A. Hubbell was appointed as Executive Chairman of the Board at MARINE PRODUCTS CORP.
  - Action: appointed
  - Role: Executive Chairman of the Board
  source text: Richard A. Hubbell was appointed to serve as Executive Chairman of the Board for a period of one year or until his successor is appointed, effective upon the resignation of Gary W. Rollins as Non-Executive Chairman of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1129155/000110465922063485/0001104659-22-063485-index.htm
- Executive change
  Gary W. Rollins resigned as Director at MARINE PRODUCTS CORP.
  - Action: resigned
  - Role: Director
  source text: Gary W. Rollins, who served as Non-Executive Chairman following the passing of Mr. R. Randall Rollins, resigned from that position on the Effective Date, but remains on the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1129155/000110465922063485/0001104659-22-063485-index.htm
- Executive change
  Ben M. Palmer changed role as President and Chief Executive Officer at MARINE PRODUCTS CORP.
  - Action: promoted
  - Role: President and Chief Executive Officer
  source text: Ben M. Palmer was appointed to serve as President and Chief Executive Officer of the Company for a period of one year or until his successor is appointed, effective upon the resignation of Mr. Hubbell from that position, which occurred on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1129155/000110465922063485/0001104659-22-063485-index.htm
- Executive change
  Michael L. Schmit was appointed as Vice President, Chief Financial Officer and Corporate Secretary at MARINE PRODUCTS CORP.
  - Action: appointed
  - Role: Vice President, Chief Financial Officer and Corporate Secretary
  source text: Michael L. Schmit, age 49, was appointed to serve as Vice President, Chief Financial Officer and Corporate Secretary of the Company for a period of one year or until his successor is appointed, effective upon the resignation of Mr. Palmer from that position, which occurred on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1129155/000110465922063485/0001104659-22-063485-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.