Polaris named Michael Speetzen, its chief financial officer, to serve as interim CEO.
CEO Scott Wine announced in mid-November that he was leaving Medina-based Polaris Inc. after 12 years to become chief executive of CNH Industrial, a $28 billion per year maker of agricultural and construction equipment based in London.
Speetzen joined Polaris in 2015 as senior vice president and CFO from water technology company Xylem Inc. and now serves as member of Pentair PLC's board of directors. He will step into the interim CEO role on Jan. 1 and serve until a permanent replacement is found.
"I am excited to lead the continued execution of our strategy and accelerate the positive momentum underway across the organization," Speetzen said in a news release.
As a result of Speetzen's shift, Polaris named Robert Mack to serve as interim CFO. Mack is the company's senior vice president of corporate development and strategy, and president of its adjacent markets.
Speetzen and Mack will receive $30,000 and $15,000 per month cash stipends, respectively, while serving in their interim roles.
"We appreciate Mike and Bob taking on these expanded roles while we progress our CEO search," said Polaris' lead independent director John Wiehoff. "Mike and Bob have made significant contributions to Polaris' success during their respective tenures."
The next CEO of Polaris will have to pick up on the successes of Wine, who built Polaris into a Fortune 500 company but also had to overcome persistent product recalls and lawsuits regarding some of its ATVs.
Under Wine, annual revenue grew to $7 billion as he returned the company to the marine market, overhauled the company's motorcycle division and most recently signed a new electric vehicle partnership that will make Polaris an EV leader in the power-sports industry.
Polaris shares closed Wednesday at $99.56, down $1.18.
Patrick Kennedy • 612-673-7926
