Garmin Ltd. (Nasdaq: GRMN) today announced that effective January 1, 2013 the board of directors has appointed Clifton Pemble to the position of president and CEO, succeeding co-founder, Dr. Min Kao. Pemble, who joined Garmin in 1989 as one of the company’s first engineers, has been serving as president and chief operating officer since October 2007, and has been a member of the Garmin Ltd. board of directors since August 2004. Dr. Kao will assume the role of executive chairman, where he will continue to serve as the chairman of the board of directors while also providing ongoing support to the company’s strategic planning and business development processes.
“One indicator of an enduring company is the strength of its succession plan,” said company co-founder Dr. Kao. “Cliff has been instrumental in establishing Garmin as a global leader in every market we serve. I firmly believe that he is equipped to lead us into the future with skills and knowledge that encompass the breadth and depth of the entire business. I am grateful to Cliff for his years of unselfish service and his willingness to accept this new role. I am also pleased with the depth of the executive management team which will be serving under Cliff’s leadership.”
Speaking on behalf of the board, Pemble said, “Min, along with Gary Burrell, aspired to bring the benefits of GPS technology to the masses. They succeeded; Garmin is now a multi-billion dollar company with strong profits, amazing technologies and a diverse market strategy that will serve us well in 2013 and beyond. We cannot adequately express our gratitude for Min’s enduring vision and leadership. As we enter a new era for our company, he will continue to play a vital role in the formulation of our business strategy. We are fortunate to have Min’s ongoing wisdom and experience as we move forward into the future.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts