Arctic Cat Announces
Leadership Succession Plans for 2011
Christopher Twomey
to Retire as CEO at Year End, Remain Executive
Board Chair; President and COO Claude Jordan
to Succeed Twomey as CEO
Thief River Falls, MN (10/28/2010)
- Arctic Cat Inc. (NASDAQ:ACAT) announced today
that Christopher Twomey, 62, plans to retire as
chief executive officer at the end of December
2010. He will continue to serve as executive board
chair to ensure a smooth transition. The company
named Claude Jordan, 54, to succeed Twomey as
president and chief executive officer on January
1, 2011.
“During the past two years, Claude played
a significant role in the company’s return
to profitability, despite a recession that hit
the power sports industry hard. His understanding,
energy and passion for this business will serve
Arctic Cat well.”
The company’s leadership succession plan
accommodates Twomey’s decision to retire
after serving as Arctic Cat’s CEO for 24
years. He became president and CEO in 1986, was
named a director of the company in 1987 and assumed
the board chair position in 2003. During his tenure,
Twomey led Arctic Cat through an initial public
offering in 1990, increased the number of employees
from 99 to more than 1,300 people, and grew revenues
from $7.5 million to more than $450 million in
fiscal 2010. Under Twomey’s leadership,
Arctic Cat also entered the all-terrain vehicle
(ATV) business, which now accounts for the largest
percent of the company’s revenues. Twomey’s
contributions to the industry were recognized
by his being named to the Snowmobile Hall of Fame
in 2008.
“First, the board wants to thank Chris
for his leadership of the company for more than
two decades. He built Arctic Cat into a market
leader in the power sports industry, and is leaving
the company in strong financial shape with an
outstanding team. We look forward to continuing
to work with Chris as board chair,” said
Kenneth Roering, lead director of Arctic Cat’s
board. “The board also congratulates Claude
on his new role. He has a proven record of success
at Arctic Cat and a deep understanding of the
company’s business. We are confident in
his ability to continue to profitably grow the
company and enhance shareholder value.”
Jordan joined Arctic Cat as president and chief
operating officer in 2008, and was elected to
the company’s board of directors in August
2010. During that time, Jordan has been responsible
for Arctic Cat’s operations and has led
the company’s ATV business for the past
two years, implementing significant product line
changes and increasing Arctic Cat’s ATV
market share.
Twomey commented: “During the past two
years, Claude played a significant role in the
company’s return to profitability, despite
a recession that hit the power sports industry
hard. His understanding, energy and passion for
this business will serve Arctic Cat well.”
“I’m excited to build upon Arctic
Cat’s strong reputation, and I look forward
to working with our dedicated employees to grow
this business,” Jordan stated. “My
initial priorities are to continue carrying out
Arctic Cat’s strategic plan and to further
enhance the company’s profitability and
operational efficiency. Arctic Cat is well-positioned
for success. We have the vision, proven strategies
and talented people to achieve our long-term goals.”
Before joining Arctic Cat, Jordan was employed
most recently in executive positions with The
Home Depot and General Electric. Jordan served
as vice president of The Home Depot and president/general
manager of its THD At-Home Services, Inc. business
from 2003 until 2008.
Prior to that, Jordan was with General Electric
Company from 1998 to 2003. During his last four
years with General Electric, he served as president
and CEO of GE Water Technologies, a worldwide
water treatment manufacturing, sales and services
business. Before heading GE Water Technologies,
Jordan spent a year in business development with
GE Power Systems, managing mergers and acquisitions
for new initiatives.
Jordan earned a bachelor's degree from the U.S.
Naval Academy in Annapolis, Md., a master's degree
from Catholic University in Washington, D.C.,
and an M.B.A. from The Wharton School at the University
of Pennsylvania.
Arctic Cat Inc. designs, engineers,
manufactures and markets snowmobiles and all-terrain
vehicles (ATVs) under the Arctic Cat brand name,
as well as related parts, garments and accessories.
For more information on Arctic Cat ATVs, please
visit your local dealer or log on to www.arcticcat.com.
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