Long-time Polaris Inc. CEO Scott Wine will depart the company at the end of the year, the powersports manufacturer said Tuesday.

Wine is leaving to run CNH Industrial, a London-based manufacturer that makes a range of products including agricultural equipment, construction equipment, trucks and buses under well-known brands like Case, New Holland and Ivesco.

"For the past 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. I leave with complete confidence that Polaris’ future is bright," Wine said in a statement.

Wine was named Polaris' (NYSE: PII) CEO in 2008. Since he took the role, the company has grown from revenue of $1.9 billion to $6.78 billion in 2019, according to Business Journal research. He is also the firm's chairman of the board. He will stay on through Dec. 31 while the company plans a transition. Transition plans will be announced at a later date, Polaris said in a statement.

Polaris reaffirmed its previously announced 2020 sales and earnings guidance, but its stock dropped over 4% in after-hours trading on the news. Polaris is Minnesota's 13th-largest public company.

From - St. Paul Business Journal Nov 17, 2020