Polaris CEO Scott Wine is leaving the powersports company that owns Indian Motorcycle. He will step down at the end of the year. Wine’s leadership is a key reason for the company’s growth.
Since taking Polaris’ helm in 2008 as CEO and later Chairman of the Board, its performance has been excellent. Under Wine’s leadership, the company’s revenue grew from $1.9B to $6.78B in 2019.
About his departure, Wine issued a statement saying:
“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. 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.”
Wall Street sees Wine’s departure as a significant loss to the company. Shares of Polaris stock dropped about 4% after the announcement. But Polaris reaffirmed its previously announced 2020 expected sales growth in the range of 2%-3% on the news.
In his new position, Wine will become the CEO of CNH Industrial. CNH is a European-based manufacturer of a wide range of products. According to the Milwaukee Business Journal, those products include agricultural equipment, construction equipment, trucks, and buses.
In a statement, Chair and acting CNH Industrial CEO Suzanne Haywood said:
“The Board is delighted at the appointment of Scott Wine, given his broad industrial experience and strategic expertise. Scott is committed to delivering the strategy that the company outlined at its Capital Markets Day in 2019, including the plan to spin-off its on-highway activities.”
Wine will start as the CEO of CNH Industrial on January 4, 2021.