Polaris Inc. has made it official: The company's board named Mike Speetzen, who has been serving as interim CEO since January, as the next chief executive of the Medina-based maker of ATVs, snowmobiles, motorcycles and other recreational vehicles.
"Polaris is an incredible organization, and one that I have been privileged to be a part of for the last six years," Speetzen said in a news release. "I am honored and truly humbled to lead Polaris' outstanding team."
Speetzen is a veteran financial executive who joined Polaris in 2015 as its chief financial officer. Before that, he was a senior vice president and CFO of Xylem Inc., a water technology provider.
Former CEO Scott Wine resigned in November to take the top spot at London'-based CNH Industrial, the parent company of Case and New Holland agricultural equipment and Iveco commercial and industrial vehicles and buses.
John Wiehoff, Polaris' board chairman, said Speetzen is a "proven and highly respected leader."
"His strong vision and deep understanding of the business gives us great confidence in his ability to further build on Polaris' legacy of innovation and growth," Wiehoff said.
Speetzen takes over Polaris as interest in powersports has surged during the coronavirus pandemic as a family-friendly and comparatively safe outdoor activity.
Last week, the company announced strong quarterly results across all its segments, including the best period for snowmobile orders in 25 years. Adjusted earnings for the quarter increased 945% to $2.30 per share beating the lofty expectations of analysts who were expecting an increase around 600%. Sales increased nearly 40% to $1.95 billion.
Robert Mack, who was serving as interim CFO, also had his post made permanent. He had been responsible for corporate development and strategy as president of Polaris' global adjacent markets and boats.
"I am thrilled to continue serving as CFO and leader of our finance organization at such a remarkable time for Polaris and the powersports industry as a whole," Mack said.
Patrick Kennedy • 612-673-7926
