Arctic Cat Makes Major Leadership Change
Arctic Cat boss Christopher Twomey plans to retire as chief executive officer at the end of December 2010. The company has named Claude Jordan to succeed Twomey as president and chief executive officer on January 1, 2011.
Twomey has served as Arctic Cat’s CEO since 1986. During his tenure, Twomey led Arctic Cat through an initial public offering in 1990, increased the number of employees from 99 to more than 1,300 people, and grew revenues from $7.5 million to more than $450 million in fiscal 2010. Under Twomey’s leadership, Arctic Cat also entered the all-terrain vehicle business, which now accounts for the largest percent of the company’s revenues. Twomey was named to the Snowmobile Hall of Fame in 2008.
“First, the board wants to thank Chris for his leadership of the company for more than two decades. He built Arctic Cat into a market leader in the power sports industry, and is leaving the company in strong financial shape with an outstanding team. We look forward to continuing to work with Chris as board chair,” says Kenneth Roering, lead director of Arctic Cat’s board. “The board also congratulates Claude on his new role. He has a proven record of success at Arctic Cat and a deep understanding of the company’s business. We are confident in his ability to continue to profitably grow the company and enhance shareholder value.”
Jordan joined Arctic Cat as president and chief operating officer in 2008, and was elected to the company’s board of directors in August 2010. During that time, Jordan has been responsible for Arctic Cat’s operations and has led the company’s ATV business for the past two years.
“During the past two years, Claude played a significant role in the company’s return to profitability, despite a recession that hit the power sports industry hard,” says Twomey. “His understanding, energy and passion for this business will serve Arctic Cat well.”
“I’m excited to build upon Arctic Cat’s strong reputation, and I look forward to working with our dedicated employees to grow this business,” says Jordan.
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