Michael Speetzen
CEO
Polaris Inc.
- Total compensation for the year ended Dec. 31: $5,125,044
- Salary: $1,030,154
- Non-equity incentive pay: $1,368,044
- Other compensation: $190,905
- Exercised stock options: $1,343,090
- Value realized on vesting shares: $1,192,851
- New stock options: 51,867
- CEO pay ratio: 154 to 1
- Median employee pay: $63,188
- Total 2021 shareholder return: 17.8%
Note: Speetzen joined Medina-based Polaris in 2015 as an executive vice president and chief financial officer. When former CEO Scott Wine resigned to become CEO of London-based CNH Industrial in January 2021, Speetzen was named interim CEO.
Speetzen was officially named CEO in April 2021, and his compensation was adjusted to reflect his new role. His salary increased from $655,000 to $1,035,000 and he was granted an additional stock option award.
Speetzen was immediately challenged by supply chain issues affecting nearly all industries but also a surge in consumer demand for their powersports products amid the public's renewed interest in outdoor sporting activities because of the pandemic. For the year, Polaris' sales increased 17% to $8.2 billion and the company gained market share.
Earlier this year, Speetzen and his management team laid out a new five-year strategic plan that includes goals to increase annual sales in the mid-single digits, with double-digit increases in earnings per share.
Annual cash incentive compensation for executives at Polaris, including Speetzen, are based on the company's adjusted earnings per share. The company's performance during the year — despite the significant supply chain challenge and buoyed by increased customer demand — resulted in an adjusted EPS of $9.13, about 4% above the target for the year.
Speetzen also earned a combined $2.5 million from previously issued long-term equity awards, including 24,500 stock options he exercised during the year, and from 10,556 shares of restricted stock and performance-based restricted stock that vested during the year.
