Polaris CEO Scott Wine will depart the company at the end of the year. Wine is reportedly leaving Polaris to run CNH Industrial, a London-based manufacturer that makes a range of products including agricultural equipment, construction equipment, trucks and buses.
"For the past 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," says 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.”
“Scott has been an exceptional leader for Polaris. During his tenure, Polaris grew from a strong Minnesota company into a global leader in the powersports market—more than tripling sales and vaulting Polaris into the Fortune 500,” said Polaris’ Lead Independent Director John Wiehoff. “Scott has assembled an experienced and highly capable executive team, and together they have built an incredible strategy and platform that will drive Polaris’ continued success. The Board is grateful for his vision and contributions and wishes him the best in his new role.”
Wine joined Polaris in 2008 as CEO and was elected as Chairman of the Board in 2013. During his tenure, Polaris grew from a $1.9 billion organization to a nearly $7 billion global powersports company with a global portfolio of 30+ brands. Polaris continues to invest in product R&D focused on elevating technology and digital offerings, and expanding into new and adjacent markets, including the marine market and aftermarket P,G&A.
Wine will stay on through Dec. 31 while the company plans a transition. Transition plans will be announced at a later date, Polaris said in a statement. Polaris reaffirmed its previously announced 2020 expected sales growth in the range of 2%-3% compared to 2019 adjusted sales of $6,783 million, but its stock dropped over 4% in after-hours trading on the news of Wine hitting the road.
