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International

19/11/2020

A revelation that Scott Wine, chairman and chief executive of US powersports giant Polaris, had tendered his resignation caused the company’s share price to plunge on 18 November. BDN financial editor Roger Willis reports.

Wine, who has headed up the motorcycle, off-road vehicle and snowmobile specialist for the past 12 years, will remain in his current role to the end of December while the Polaris board of directors urgently seeks a successor.

The reason for Wine’s departure is straightforward. He’s got a much better job as chief executive of CNH Industrial, a huge Italian-American manufacturer of everything from trucks, vans, buses, tractors and other agricultural machinery, bulldozers and diggers to military armoured vehicles. 

Controlled by the Agnelli dynasty and now headquartered at Basildon in the UK, CNH is the product of a merger with Fiat Industrial. Its brand portfolio includes Case, Iveco, New Holland, Heuliez, Magirus, Steyr and FPT. The group has 37 manufacturing facilities across Europe, the US, Latin America and Asia. These supply around 11,500 dealers and distributors in more than 170 countries.

In a valedictory message to Polaris staff, Scott Wine said: “I have had the extraordinary honour of leading the best team in powersports. And it’s incredibly rewarding to reflect on all that we have accomplished together. I am most proud of the team and the culture that have made working here so gratifying, and having witnessed first-hand 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.”