Polaris Inc. Announces Departure of Chairman and CEO
Polaris Inc. (NYSE: PII) announced the departure of its Chairman and CEO, Scott Wine, who will take on the CEO role at CNH Industrial. Wine will remain at Polaris through year-end as succession plans are finalized. Under his leadership since 2008, Polaris expanded from $1.9 billion to nearly $7 billion in sales and tripled its market presence, achieving Fortune 500 status. Polaris reaffirmed its 2020 sales and earnings guidance, projecting adjusted earnings of $7.15 to $7.30 per diluted share, marking a 13-16% increase from 2019.
- Polaris reaffirmed its full-year 2020 sales and adjusted earnings guidance, projecting adjusted net income between $7.15 and $7.30 per diluted share, a 13-16% increase over 2019.
- Under Scott Wine's leadership, Polaris grew from $1.9 billion to nearly $7 billion in sales, enhancing its market position and achieving Fortune 500 status.
- Scott Wine's departure may create uncertainty during the leadership transition.
- Potential risks include supply chain disruptions and the impact of the COVID-19 pandemic on Polaris' business operations.
MINNEAPOLIS--(BUSINESS WIRE)--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
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
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
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.
