Several stories have been circulating about Arctic Cat’s chairman and CEO stepping down.
However, Twin Cities Business out of Minnesota has published a report that Arctic Cat’s chairman and CEO Claude Jordan was fired.
When the company announced Jordan’s departure on Monday, it didn’t disclose the reason for his exit, saying he “stepped down.” But a company spokesperson told Twin Cities Business that the exit was “involuntary, without cause.”
Chris Twomey, former chairman and CEO, and current board member, was named interim chairman and CEO.
The leadership changes followed lower than expected third-quater reports.
The Star Tribune reports, “In recent months, profits were clipped by unfavorable currency rates in Arctic Cat’s critical Canadian market and by costs associated with a new co-branding partnership with Yamaha Corp. Those problems hurt results just when it appeared the maker of ATVs and snowmobiles had recovered from a disastrous recession. In 2009, Arctic Cat’s stock traded for just $3.88. During the last year it catapulted to $61 a share, but sunk 9 percent Monday to close at $34.02 a share as investors digested the news of Jordan’s departure.”
Twomey served as Arctic Cats CEO from 1986 to 2010. He was named a director of the company in 1987 and was board chair from 2003 to 2012. During that time, Twomey led Arctic Cat through an initial public offering in 1990, grew revenues from $7.5 million to a peak of $780 million in 2007, entered the all-terrain vehicle (ATV) business and expanded the companys capabilities to include engine manufacturing at a new facility in St. Cloud, Minnesota.
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