Being a new CEO is a leadership challenge — try adding pandemic issues

Michael Speetzen took over as chief executive of Medina-based Polaris Inc. on May 4, after serving as interim CEO for more than five months after Scott Wine resigned to take the lead spot at London-based CNH Industrial.

He is one of at least nine CEOs who took over Star Tribune 50 companies during the pandemic, presenting a different set of issues on top of new leadership challenges.

Speetzen moved up through the financial ranks, serving as chief financial officer of the water-technology company Xylem Inc. and StandardAero before becoming CFO of Polaris. He also has been actively involved in strategic decisions and mergers and acquisitions for Polaris and Xylem.

Speetzen ascended to the top spot as interest in the powersports industry has surged during the pandemic, and Polaris is challenged with supply and inventory issues and keeping all those new customers engaged in their outdoor passions. Here are some of his management views, edited for length and clarity.

Q: How did your previous roles at Polaris help prepare you for the CEO job?

A: I've long believed that finance needs to be a hands-on partner, and serving as CFO for the past six years has afforded me the opportunity to develop a deep understanding of our business and strong partnerships with each of our segments.

Q: What are your priorities for the company?

A: We need to continue to place the customer at the center of every decision we make. I know that sounds obvious, but four years ago, the Polaris leadership team outlined our strategic road map with becoming a customer-centric organization as our lead goal. As I've told the Polaris team, we cannot take our leadership position in the industry for granted. Every day, we need to re-earn that title of global leader in powersports, and we do that by delivering for our customers. As I look at the plans we have, whether it be product innovation, electrification initiatives or elevating quality, I feel confident that we will be able to do just that. My more immediate priorities are keeping our team focused on executing what is in front of us in 2021. I give the team an immense amount of credit for all they have been able to accomplish this past year, despite the unprecedented circumstances.

Q: What kind of leadership challenges does the pandemic present to you as a new CEO?

A: Being remote has its challenges, but I've formed strong relationships with this team and know from firsthand experience what they are capable of — you never bet against them. I may be new to the CEO role, but I'm lucky in the sense that I'm not new to Polaris. How we manage the transition from pandemic response to a new normal will be important. From an employee standpoint, it is about how we balance more flexible work arrangements with maintaining an environment of collaboration and our culture. And, as we think about our business, it's how do we continue to delight our customers, given the evolution of customer expectations and an influx of new riders. We will need to continue advancing in areas like product innovation, electrification, digital and technology, creating a more seamless ownership experience and building out nonownership opportunities.

Q: How do you maintain that momentum with new and core consumers?

A: We're committed to being their brand of choice and the one customers recommend. We have a number of initiatives focused on doing just that, from new customer marketing efforts, to making it easier to shop, to helping customers acclimate to their new vehicle. We also need to innovate and disrupt ourselves. Innovation is the lifeblood of our industry and incredibly important to our customers.

Patrick Kennedy • 612-673-7926