Arctic Cat taps CEO to be new chairman
- Article by: DEE DePASS
- Star Tribune
- November 12, 2012 - 7:29 PM
It's the trifecta of titles for Claude Jordan: Arctic Cat's president and CEO has become chairman of the board.
The Plymouth-based ATV maker named Jordan to the post Monday, succeeding longtime chairman and former chief executive Christopher Twomey, who will remain on the board. As chairman, Jordan will now have more influence over the company that came back from a recession in 2008 to boasting $646 million in sales in fiscal 2011.
"I'd like to congratulate Claude," Twomey said of Jordan's promotion Monday. "During his tenure as Arctic Cat's president and CEO, Claude has led the company to multiple new product launches, entered new market segments and produced record profitability. We are confident in his ability to continue to profitably grow."
Jordan, who joined Arctic Cat as president and COO in 2008, became CEO in January 2011.
The board leadership change is just one of three announced Monday. The ATV and snowmobile company also added two board members. Joseph Puishys, CEO of the Bloomington-based building glass maker Apogee Enterprises, joins the board, as does Stan Askren, CEO and chairman of the Iowa office furniture maker HNI Corp.
In a statement, Jordan said: "We are pleased to welcome Joe and Stan to Arctic Cat's board. Both bring a wealth of experience in building exceptional manufacturing businesses. Their contributions will be invaluable as we continue to pursue our growth strategies of technology and product innovation and expansion into new markets."
After years of reorganizing and a year of impressive growth in ATV sales, the company posted a record fiscal second quarter in October. Jordan and other officials credited strong sales in Russia and Scandinavia as well as new products and factory cost controls.
Fiscal second-quarter earnings jumped 17 percent to a record $25 million, or $1.80 a share. Sales rose 12 percent to $229 million for the quarter.
Earnings beat analysts' consensus expectations by a penny a share, but revenue missed analyst estimates by $3 million. Arctic Cat closed Monday at $33.67, down $1.36.
Dee DePass 612-673-7725
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