Wine resigns as Polaris CEO, will head Case IH farm equipment maker

Polaris on Tuesday announced that chairman and CEO Scott Wine will leave Polaris to assume the CEO role at CNH Industrial, a global manufacturer of agricultural and construction equipment. Wine will remain in his current role at Polaris through the end of the year as the Board executes its succession plans. Transition plans will be announced at a later date.

“For the last 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,” said Wine. “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.”

“Scott has been an exceptional leader for Polaris. During his tenure, Polaris grew from a strong Minnesota company into a global leader in the powersports market—more than tripling sales and vaulting Polaris into the Fortune 500,” said Polaris’ Lead Independent Director John Wiehoff. “Scott has assembled an experienced and highly capable executive team, and together they have built an incredible strategy and platform that will drive Polaris’ continued success. The Board is grateful for his vision and contributions and wishes him the best in his new role.”

Wine joined Polaris in 2008 as CEO and was elected as Chairman of the Board in 2013. During his time as CEO, Polaris grew from a $1.9 billion organization to a nearly $7 billion global powersports Company. Today, Polaris is a leader in powersports aimed at helping the world ‘Think Outside’ through its diverse portfolio of 30+ brands. In its pursuit of being a customer-centric highly efficient growth company, Polaris has continually invested in product research & development, focused on elevating technology and digital offerings, and expanded into new and adjacent markets, including Boats and Aftermarket. 

Polaris Reaffirms Full Year 2020 Sales and Earnings Guidance

The Company today reaffirmed its previously announced full year 2020 sales and adjusted earnings guidance. Adjusted net income is expected to be in the range of $7.15 to $7.30 per diluted share for the full year 2020, a 13 to 16 percent increase over 2019, on expected sales growth in the range of two to three percent compared to 2019 adjusted sales of $6,783 million.

Case IH has quite a history that dates to the 1842 founding of Wisconsin and Chicago’s Cyrus McCormick launching the first repear in 1831. Read a thorough history of the company here.

These days, the CNH Industrial’s ProjectZeus Case 58 EV is the industry’s fully electric backhoe loader. You can check it out PSB sibling magazine OPE Business here.