Arctic Cat Inc. announced in November that chief financial officer Tim Delmore has announced his intention to retire from Arctic Cat effective May 31, 2014. After nearly 29 years with the company, Delmore, 60, is looking forward to spending more time with his family, on outdoor recreational activities and other personal interests.
During Delmore’s tenure, Arctic Cat’s revenue grew from $16 million to more than $672 million in fiscal 2013. Delmore joined the company in 1985 as controller, when it was then privately held Arctco, Inc. He has served as chief financial officer since 1986 and as its secretary since 1989. Delmore helped lead Arctic Cat through its initial public offering in 1990.
“For nearly three decades, Tim has played a key role in Arctic Cat’s growth,” commented Arctic Cat chairman and CEO Claude Jordan. “His deep knowledge of the company and financial stewardship helped build Arctic Cat into a market leader in the powersports industry. On behalf of the board and everyone at the company, I want to thank Tim for his outstanding leadership, dedication and contributions. Tim is leaving the company in a very strong financial position. We anticipate there will be a smooth transition, once a successor is named.”
An executive search firm is being retained to assist in filling the CFO position. Delmore will continue to oversee his current responsibilities until his retirement.