As part of the go-forward plan, Carolwood has tabbed Mike Kennedy to serve as CEO of the new independent Indian Motorcycle organization once the deal closes. With more than 30-years in the industry, Kennedy has a proven track record, previously serving as CEO of RumbleOn, the nation’s largest powersports dealership group; CEO and President of Vance & Hines and 26 years at Harley-Davidson in various leadership roles.
Adam Rubin, Principal at Carolwood, adds, “Mike Kennedy brings over 30 years of experience leading iconic motorcycle and performance brands and will play a critical role in stewarding Indian Motorcycle’s growth. At Carolwood, we’re deeply committed to preserving what makes Indian Motorcycle special, supporting its growth, and empowering the team to write its next great chapter.”
“I’m grateful and humbled by Carolwood LP having the confidence in me for leading Indian Motorcycle Company into the future,” says an Elated Kennedy. “I am beyond excited to build on Indian Motorcycle’s current momentum and throttle it into its next chapter. Team Indian Motorcycle Company, get ready to tighten your chin strap and shift this ride into the next gear!”
The rest of the team? “As a part of the deal, approximately 900 employees will transition as a part of the new Indian Motorcycle Company. Indian Motorcycle will retain the majority of its team, including engineers and designers. Manufacturing facilities in Spirit Lake, Iowa, and Monticello, Minnesota, as well as the industrial design and technology center in Burgdorf, Switzerland, will transition to the new standalone motorcycle company.
Indian Motorcycle will continue to provide sales, service, and support for dealers and customers throughout this transition. After the sale is finalized, Indian Motorcycle will operate independently of Polaris and continue selling motorcycles and parts, garments and accessories (PG&A) and providing service through its global Indian Motorcycle dealer network.
Polaris Leadership Update
Until the transaction closes, Polaris President of On Road and International, Mike Dougherty, will continue to lead the On Road and International businesses, including Indian Motorcycle, at Polaris. Dougherty, with a distinguished nearly 28-year career with Polaris, has announced his intent to retire upon the closing of the transaction.
“During his tenure with Polaris, Mike’s passionate leadership is responsible for countless contributions. As a result of his tenacity and guidance,” notes CEO Mike Speetzen. “Mike shaped our international business into what it is today… He has expanded our business outside of North America, growing revenue from under $100 million in 2000 to more than $1 billion today. He strengthened our On Road businesses, including Indian Motorcycle achieving the No. 1 market share position in the United States for mid-size cruisers last year. I want to thank Mike for his dedication to Polaris all these years. We wish him the very best in his future retirement.”
