Home / Knowledge / News / Apparel/Garments / Claude Jordan steps down as Arctic Cat Chairman & CEO
Claude Jordan steps down as Arctic Cat Chairman & CEO
02
Jun '14
Arctic Cat Inc. announced that Claude Jordan has stepped down as chairman and chief executive officer. Chris Twomey, who served as Arctic Cat’s CEO for 24 years, and also is a former chairman and a current member of the board of directors, has been named interim chairman and CEO. The board is beginning a search for a permanent CEO.
 
Commented Twomey: “On behalf of the board, I want to thank Claude for nearly six years of service to Arctic Cat, first as president and chief operating officer, and then as CEO for the last three years. During his tenure, Arctic Cat has grown from $465 million to over $700 million in annual sales, and the company entered the growing sports segment of the Recreational Off-Highway Vehicle (ROV) market, with a line of side-by-side Wildcat pure-sport and trail models.
 
“Claude and the board have mutually decided this is the right time, however, for new executive leadership at the company. It makes sense to set up the leadership team that will take the company forward to a successful future, as we enter a new fiscal year. Tim Delmore, CFO, has agreed to postpone his previously announced retirement during this transition period. We anticipate appointing a new CEO and CFO in the coming months.”
 
Twomey served as Arctic Cat’s CEO from 1986 to 2010. He was named a director of the company in 1987 and was board chair from 2003 to 2012. During that time, Twomey led Arctic Cat through an initial public offering in 1990, grew revenues from $7.5 million to a peak of $780 million in 2007, entered the all-terrain vehicle (ATV) business and expanded the company’s capabilities to include engine manufacturing at a new facility in St. Cloud, Minn.
 
“We expect to record a charge in the fiscal 2015 first quarter to cover severance-related costs. Excluding the severance, we are maintaining our fiscal 2015 guidance. The company is in strong financial shape and the board has every confidence in Arctic Cat’s long-term growth prospects. We remain focused on growing through a robust pipeline of innovative new products and technologies, international expansion and market share gains, as well as enhancing profitability by achieving greater operating efficiencies.” An executive search firm is being retained to assist in filling the CEO position.
 
About Arctic Cat
Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs), side-by-sides and snowmobiles under the Arctic Cat brand name, as well as related parts, garments and accessories. Its common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ACAT.” 
 

Arctic Cat

Must ReadView All

Textiles | On 30th Jul 2016

NRI’s TCG picks up majority stake in MCC’s Haldia plant

The Chatterjee Group (TCG) owned by NRI entrepreneur Purnendu...

Textiles | On 30th Jul 2016

African countries woo investors in Coimbatore

Diplomats of seven African countries have invited Coimbatore’s...

Textiles | On 30th Jul 2016

Pakistan woos Chinese textile sector

Impressed by the smooth conduct of business in China’s economic...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
June 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search