A news item that got lost in the shuffle, there is some pretty big news from Medina, Minnesota as Polaris CEO and Chairman Scott Wine has announced his departure from the American powersports company.
This is a shake-up for Polaris Industries, as Wine’s tenure at the American firm has been some of the company’s best, with sales more than tripling and Polaris joining the Fortune 500 listing during Wine’s time as CEO and Chairman.
Most notably, Wine oversaw the takeover of the Indian motorcycle brand, which continues to gain marketshare against Harley-Davidson, and he closed the struggling Victory motorcycle brand in the process.
“For the last 12 years, I have had the extraordinary honor of leading the best team in powersports, and it is incredibly rewarding to reflect on all that we have accomplished together,” said Wine.
“I am most proud of the team and the culture that have made working here so gratifying, and having witnessed firsthand the ingenuity, passion and drive that permeates the Company, I leave with complete confidence that Polaris’ future is bright.”
“I also want to offer my sincere thanks to my incredibly talented colleagues and to the Polaris Board for their guidance and leadership during my tenure.”
Wine joined Polaris in 2008 as CEO, and in 2013 he was elected as the company’s Chairman of the Board.
From 2008 to 2020, Polaris has grown from a $1.9 billion organization to a nearly $7 billion global enterprise, with 30 brands under its management.
It would seem that CNH Industrial was able to wrestle away Wine from Polaris, offering Scott Wine a CEO position with the agricultural equipment company, which dwarfs Polaris’s business size with close to $28 billion in revenue last year.
It is not clear who will replace Wine at the helm of the company, but Polaris says that Wine will remain at his post through the end of the year, as the Board of Directors looks for his replacement.
This means we should have more news on Polaris’ management shuffle in the coming days or weeks. Stay tuned.
Source: Polaris
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