MINNEAPOLIS -- (Business Wire)
Polaris Industries Inc. (NYSE: PII) today announced its Board of
Directors voted to elect Scott Wine, Polaris’ Chief Executive Officer,
as Chairman of the Board. Wine succeeds Greg Palen, who has been
Chairman for 11 years and has nearly 20 years of service on the Board.
“I would like to congratulate Scott on his election to serve in the
additional capacity of Chairman of the Board. Under his leadership,
Polaris has delivered consistent and profitable growth while
successfully executing the company’s ambitious strategy, generating
record results and shareholder returns. Scott has accomplished
tremendous things since he started in 2008, but I am convinced that the
best is yet to come for Scott and the Polaris team. Scott’s stellar
track record as CEO of Polaris, coupled with his experience sitting on
the Boards of Polaris and Terex, leaves me confident that the role of
Chairman will be in good hands,” said Palen.
Scott will assume the role of Chairman effective immediately. Palen will
step down from the Board following the Annual Shareholders meeting on
April 25, 2013.
“Greg has been a beacon of leadership and wisdom on our Board of
Directors for nearly 20 years, and his contributions were instrumental
to the unprecedented growth Polaris enjoyed under his direction,” said
Wine. “We thank Greg for the steady guidance and keen insight he
provided as Chairman, and he can take great pride in the legacy he
leaves, embodied by Polaris’ record of product, geographic and
shareholder value expansion. While we will greatly miss his presence on
our Board, we wish him the best as he enjoys a few less challenges and
more time with his family and friends.”
In addition to changes in the Chairmanship, after nine years of service
Bob Caulk announced his decision not to stand for re-election at the
2013 Annual Shareholders meeting. Caulk’s board experience across
several industries, as well as his strong background in mergers and
acquisitions, proved invaluable in ensuring that Polaris maintained a
trend of profitable growth even as the Company expanded its portfolio in
“During his time on the Board, Bob has supplied valuable insight into
strategic marketing and complex acquisition transactions, contributing
significantly to our recent ability to accelerate growth,” said Wine.
“We are extremely fortunate to have had access to Bob’s experience, and
we greatly appreciate the guidance he provided the Company throughout
his service on the Board. We wish Bob the best of luck in his future
Finally, the Board also announced it has elected John Wiehoff as Lead
Director. Wiehoff, who has served as CEO of C.H. Robinson Worldwide
since 2002 and as the company’s Chairman since 2007, possesses an
extensive background managing complex corporate financial issues. This
experience, along with John’s many other talents, has contributed
significantly to Polaris’ success during his time as a member of the
Polaris Board, which began in 2007.
Polaris is a recognized leader in the powersports industry with annual
2012 sales of $3.2 billion. Polaris designs, engineers, manufactures and
markets innovative, high quality off-road vehicles, including
all-terrain vehicles (ATVs) and the Polaris RANGER®
and RZR® side-by-side vehicles, snowmobiles,
motorcycles and on-road electric/hybrid powered vehicles.
Polaris is among the global sales leaders for both snowmobiles and
off-road vehicles and has established a presence in the heavyweight
cruiser and touring motorcycle market with the Victory and Indian
Motorcycle brands. Additionally, Polaris continues to invest in the
global on-road small electric/hybrid powered vehicle industry with
Global Electric Motorcars (GEM), Goupil Industrie SA, and internally
developed vehicles. Polaris enhances the riding experience with a
complete line of Pure Polaris and KLIM branded apparel and Polaris
accessories and parts.
Polaris Industries Inc. trades on the New York Stock Exchange under the
symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock
Information about the complete line of Polaris products, apparel and
vehicle accessories are available from authorized Polaris dealers or
anytime at www.polaris.com.
Polaris Industries Inc.
Marlys Knutson, 763-542-0533
Source: Polaris Industries Inc.
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