30 year Career Contributions at Core of Polaris Long-term Success
MINNEAPOLIS--(BUSINESS WIRE)--
Polaris Industries Inc. (NYSE: PII) today announced that Michael Malone,
age 56, has declared his intention to retire as Vice President, Finance
and Chief Financial Officer effective August 3rd, but has
agreed to stay on into early 2016 to assume the newly-formed role of
Executive Vice President, Polaris Financial Services. Mike’s 30 year
Polaris career has been stellar and highly impactful. His leadership
tenure spans half of the company’s existence and the value he has added
is immeasurable.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20150713006245/en/
Polaris Industries Inc. (NYSE: PII) today announced that Michael Malone has declared his intention to retire as Vice President, Finance and Chief Financial Officer. (Photo: Business Wire)
“Mike has over 30 years of distinguished service with Polaris, and his
contributions to our growth and our culture are innumerable in scope and
inestimable in value,” said Scott Wine, Polaris Chairman and CEO. “In an
era where the average CFO tenure is about six years, Mike’s 19 years as
the financial steward of Polaris are quite remarkable. He joined Polaris
in 1984 with an audit background, quickly mastered treasury and has
amassed a depth and breadth of global corporate finance experience that
has been vital to Polaris’ sustained financial success.”
Wine continued, “His conservative nature and unwavering integrity
established Polaris’ financial culture, and his leadership and
commitment to talent will support our success for years to come, while
his ironclad devotion to improving our company is indelibly stamped on
nearly every stage of Polaris’ history. Mike’s commitment to Polaris is
further highlighted by his willingness to postpone his retirement and
take on the challenge of navigating an unprecedented period of change
and complexity in our retail and wholesale financing businesses.”
In over three decades with Polaris, Mike has held various roles of
increasing responsibility. He joined the company in 1984 after four
years with Arthur Andersen LLP in Minneapolis. He rose through several
positions over the next nine years, before his promotion to Vice
President and Treasurer of Polaris in January 1993. He held this role
until he assumed the Vice President- Finance and Chief Financial Officer
position in January 1997.
During Mike’s tenure Polaris has changed dramatically; he began as part
of a 20 person finance team and now leads a global organization
numbering over 200. Over that time, Polaris’ annual sales have grown
from about $50M to nearly $5B, and the stock price now sits near $150,
up almost 9000% from its value of $1.67 when Malone drove the Initial
Public Offering in 1987. Mike was instrumental in establishing the
innovative Polaris Acceptance joint venture structure with GE for U.S.
dealer financing in 1997.
“I am truly honored and humbled to have been given the opportunity to
lead the finance team and the responsibility to provide value to all
Polaris stakeholders for an extended period of time. I am looking
forward to enjoying the next stage of my life in retirement with the
same passion I have had for the Polaris business the past 30 years,”
said Malone.
Mike received his BS in Accounting and Business Administration from St.
John’s University in 1980, and received his CPA that same year. He, his
wife of nearly 32 years Colleen, and their three young adult children
spend their leisure time engaging in a variety of outdoor activities,
including riding the entire suite of Polaris products. He plans to
continue this active lifestyle with his family in retirement.
About Polaris®
Polaris is a recognized leader in the
powersports industry with annual 2014 sales of $4.5 billion. Polaris
designs, engineers, manufactures and markets innovative, high quality
off-road consumer and military vehicles, including all-terrain vehicles
(ATVs) and the Polaris RANGER® and RZR®
side-by-side vehicles, snowmobiles, motorcycles and on-road
electric/hybrid powered vehicles.
Polaris is among the global sales leaders for both snowmobiles and
off-road vehicles and has established a presence in the heavyweight
cruiser and touring motorcycle market with the Victory®
and Indian Motorcycle® and Slingshot® brands.
Additionally, Polaris continues to invest in the global Work and
Transportation vehicle industry with Global Electric Motorcars (GEM),
Goupil Industrie SA, Aixam Mega S.A.S., and internally developed
vehicles. Polaris enhances the riding experience with a complete line of
Polaris Engineered Parts, Accessories and Apparel, Klim branded apparel
and ORV accessories under the Kolpin®, Cycle Country®
and Pro Armor® brands.
Polaris Industries Inc. trades on the New York Stock Exchange under the
symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock
price index.
Information about the complete line of Polaris products, apparel and
vehicle accessories are available from authorized Polaris dealers or
anytime at www.polaris.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150713006245/en/
Source: Polaris Industries