For the first time since the 1980s, Arctic Cat will enter a new year with new leadership.
The company announced longtime CEO Christopher Twomey will retire as CEO at the end of December. Twomey, however, will continue to serve on Arctic Cat’s board of directors as chairman.
Replacing Twomey will be Claude Jordan, the company’s president and chief operating officer. Jordan joined Arctic Cat in 2008 after serving in executive roles with The Home Depot and GE.
“During the past two years, Claude played a significant role in the company’s return to profitability, despite a recession that hit the powersports industry hard,” Twomey said in a press release. “His understanding, energy and passion for this business will serve Arctic Cat well.”
Twomey will leave as CEO after leading the company since 1986. In the 24 years since, he has led Arctic Cat through an initial public offering in 1990, increased the number of employees from 99 to more than 1,300, and grew revenues from $7.5 million to more than $450 million in fiscal 2010. Under Twomey’s leadership, Arctic Cat also entered the ATV business, which now accounts for the largest percent of the company’s revenues.
“He built Arctic Cat into a market leader in the powersports industry, and is leaving the company in strong financial shape with an outstanding team,” Kenneth Roering, lead director of Arctic Cat’s board, said of Twomey.
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Copyright 2010 Powersports Business