Polaris Inc. Announces Departure of Chairman and CEO
November 17 2020 - 4:30PM
Business Wire
Scott Wine to leave Polaris effective Dec.
31
Board executing succession plans
Polaris reaffirms 2020 sales and adjusted
earnings guidance
Polaris Inc. (NYSE: PII) today announced that Chairman and CEO
Scott Wine will leave Polaris to assume the CEO role at CNH
Industrial (NYSE: CNHI / MI: CNHI). Wine will remain in his current
role at Polaris through the end of the year as the Board executes
its succession plans. Transition plans will be announced at a later
date.
“For the last 12 years, I have had the extraordinary honor of
leading the best team in powersports, and it is incredibly
rewarding to reflect on all that we have accomplished together,”
said Wine. “I am most proud of the team and the culture that have
made working here so gratifying, and having witnessed firsthand the
ingenuity, passion and drive that permeates the Company, I leave
with complete confidence that Polaris’ future is bright. I also
want to offer my sincere thanks to my incredibly talented
colleagues and to the Polaris Board for their guidance and
leadership during my tenure.”
“Scott has been an exceptional leader for Polaris. During his
tenure, Polaris grew from a strong Minnesota company into a global
leader in the powersports market—more than tripling sales and
vaulting Polaris into the Fortune 500,” said Polaris’ Lead
Independent Director John Wiehoff. “Scott has assembled an
experienced and highly capable executive team, and together they
have built an incredible strategy and platform that will drive
Polaris’ continued success. The Board is grateful for his vision
and contributions and wishes him the best in his new role.”
Wine joined Polaris in 2008 as CEO and was elected as Chairman
of the Board in 2013. During his time as CEO, Polaris grew from a
$1.9 billion organization to a nearly $7 billion global powersports
Company. Today, Polaris is a leader in powersports aimed at helping
the world ‘Think Outside’ through its diverse portfolio of 30+
brands. In its pursuit of being a customer-centric highly efficient
growth company, Polaris has continually invested in product
research & development, focused on elevating technology and
digital offerings, and expanded into new and adjacent markets,
including Boats and Aftermarket.
Polaris Reaffirms Full Year 2020 Sales and Earnings
Guidance
The Company today reaffirmed its previously announced full year
2020 sales and adjusted earnings guidance. Adjusted net income is
expected to be in the range of $7.15 to $7.30 per diluted share for
the full year 2020, a 13 to 16 percent increase over 2019, on
expected sales growth in the range of two to three percent compared
to 2019 adjusted sales of $6,783 million.
About Polaris
As the global leader in powersports, Polaris Inc. (NYSE: PII)
pioneers product breakthroughs and enriching experiences and
services that have invited people to discover the joy of being
outdoors since our founding in 1954. With annual 2019 sales of $6.8
billion, Polaris’ high-quality product line-up includes the Polaris
RANGER, RZR and GENERAL side-by-side off-road vehicles; Sportsman
all-terrain off-road vehicles; Indian Motorcycle mid-size and
heavyweight motorcycles; Slingshot moto-roadsters; snowmobiles; and
deck, cruiser and pontoon boats, including industry-leading
Bennington pontoons. Polaris enhances the riding experience with
parts, garments and accessories, along with a growing aftermarket
portfolio, including Transamerican Auto Parts. Polaris’ presence in
adjacent markets includes military and commercial off-road
vehicles, quadricycles, and electric vehicles. Proudly
headquartered in Minnesota, Polaris serves more than 100 countries
across the globe. www.polaris.com.
Forward-looking Statements
The guidance set forth herein is forward-looking statements that
involve certain risks and uncertainties that could cause actual
results to differ materially from those forward-looking statements.
Potential risks and uncertainties include such factors as the
severity and duration of the COVID-19 pandemic and the resulting
impact on Polaris’ business, supply chain, and the global economy;
Polaris’ ability to successfully implement its manufacturing
operations expansion and supply chain initiatives; Polaris’ ability
to successfully source necessary parts and materials and the
ability of Polaris to manufacture products to meet increasing
demand; the continuation of the increasing consumer demand for
Polaris’ products; product offerings, promotional activities and
pricing strategies by competitors; economic conditions that impact
consumer spending; disruptions in manufacturing facilities;
acquisition integration costs; product recalls and/or warranty
expenses; impact of changes in Polaris stock price on incentive
compensation plan costs; foreign currency exchange rate
fluctuations; environmental and product safety regulatory activity;
effects of weather; commodity costs; freight and tariff costs
(tariff relief or ability to mitigate tariffs); changes to
international trade policies and agreements; uninsured product
liability claims; uncertainty in the retail and wholesale credit
markets; performance of affiliate partners; changes in tax policy;
relationships with dealers and suppliers; and the general overall
economic, social and political environment. Investors are also
directed to consider other risks and uncertainties discussed in
documents filed by Polaris with the Securities and Exchange
Commission. Polaris does not undertake any duty to any person to
provide updates to its forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20201117006070/en/
MEDIA CONTACT Jessica Rogers Polaris Inc. phone:
763-513-3445 Jessica.Rogers@polaris.com
INVESTOR CONTACT Richard Edwards Polaris Inc. phone:
763-513-3477 Richard.Edwards@polaris.com
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