Polaris Shares Fall After CEO Wine Departs for CNH Industrial

Shares of motorcycle maker Polaris dropped a day after the company said its chairman and CEO was leaving at the end of the year.
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Shares of Polaris  (PII) - Get Report dropped Wednesday a day after the recreational vehicle maker said its chairman and chief executive Scott Wine planned to leave at the end of this year.

Shares of the Minneapolis-based company were down 3.62% to $93.50 at last check.

On Tuesday after the close, Polaris said Wine would be joining capital goods manufacturer CNH Industrial  (CNHI) - Get Report as CEO. Polaris said it would immediately begin a search for a successor. Shares of CNH were rising 2.99% to $10.69 on Wednesday morning.

Wine first joined Polaris in 2008 as CEO and was elected as Chairman of the Board in 2013.

"I leave with complete confidence that Polaris’ future is bright," Wine said. "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."

Polaris’ Lead Independent Director John Wiehoff said that under Wine, "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." During his time as CEO, Wine grew Polaris' sales from $1.9 billion to nearly $7 billion, the company said. 

CNH Industrial said Wine will join the UK-based maker of agricultural and construction equipment starting on Jan. 4.

"The Board is delighted at the appointment of Scott Wine, given his broad industrial experience and strategic expertise,” said Chair and Acting Chief Executive Officer Suzanne Heywood. “Scott is committed to delivering the strategy that the company outlined at its Capital Markets Day in 2019, including the plan to spin-off its on-highway activities.”