Chairman and CEO of Arctic Cat out; former chief returns

Author:
Updated:
Original:

The chairman and CEO of Arctic Cat resigned Monday and the company's former CEO is returning to run the struggling Plymouth-based snowmobile and ATV maker.

The Business Journal reports that Claude Jordan, who has spent six years at Arctic Cat, will step down and that former CEO Chris Twomey, who led Arctic Cat for 24 years, will return as interim chief. The Wall Street Journal reports that the company's board will begin a search for a permanent CEO.

Jordan and the board "have mutually decided this is the right time, however, for new executive leadership at the company," said Twomey. He added that it makes sense to set up the leadership team that will take the company forward as it enters a new fiscal year.

Arctic Cat shares have fallen 35% since the start of the year. In a story published in mid-May, the Star Tribune reported that the company had posted a $1.5 million loss for its fiscal fourth quarter and lowered its outlook for fiscal year 2015 due to the weak Canadian currency and an unfavorable product mix. The story noted that the company’s shares experienced a similar drop for quarterly results in January.

At the time, Jordan said that “our business will face significant headwinds in fiscal 2015” due to the weak Canadian dollar. About 30 percent of Arctic Cat’s revenue comes from Canada.

The company also is seeking a new chief financial officer; CFO Tim Delmore had previously announced he'd retire this year, but has put that off while a search continues for the top executive.

Next Up

protest, chauvin, george floyd

Walz: Demobilization of troops, police to happen 'as quickly as possible'

It's unclear just when troops and police will pull out of the Twin Cities.

Screen Shot 2021-04-20 at 5.33.13 PM

'The first step towards justice': AG Ellison calls for change after Chauvin conviction

Ellison's office led the prosecution of the former Minneapolis police officer.

chauvin

Derek Chauvin guilty on all counts in George Floyd's death

Chauvin was charged with second-degree murder, third-degree murder and second-degree manslaughter.

Screen Shot 2021-04-20 at 4.13.07 PM

LIVE UPDATES: Reaction as Derek Chauvin is found guilty on all counts

We bring you the latest reaction after the verdict in the Derek Chauvin trial.

Derek Chauvin

Watch live: Verdict in Derek Chauvin murder trial

The verdict will be announced between 3:30 p.m. and 4 p.m. Tuesday, April 20.

derek chauvin court - closing arguments

Verdict reached in Derek Chauvin murder trial

A verdict will be read Tuesday afternoon.

logan olson gofundme

18-month-old boy who nearly drowned welcomed home with police escort

Logan Olson was found in a retention pond in Stewartville on April 7.

covid, vaccine

Is Minnesota's latest surge plateauing? Expert says 'no idea'

Hospital admissions have leveled off in the past week, though ICU cases have risen.

Related

Arctic Cat bumps CEO to board chairman

Arctic Cat Inc. has tapped president and CEO Claude Jordan to be the new chairman of the board, the Star Tribune reports. Jordan joined the Plymouth-based recreational vehicle maker as president and COO in 2008, became CEO in January 2011. He replaces longtime chairman and former chief executive Christopher Twomey, who will remain on the board.