polaris ceo tom tiller to step down

Polaris Industries Inc. announced today that its Chief Executive Officer, Tom Tiller, expects to step down from his position by the end of 2008 when his current employment contract expires. Tiller has been with Polaris since July 1998 and has been its CEO since May 1999.

Tiller, 46, explained the decision as a personal one. "This past year was another good one for us in a tough environment, and I expect 2008 to be good as well. We have a very solid and experienced team, and I am confident in our ability to win well into the future. Our company is in good shape, so it seems like the right time," says Tiller. "Polaris is a company that is built on innovation. And a fresh set of eyes every decade or so is a good thing. With just two CEO's over the past 27 years, we have enjoyed consistent leadership and results. I am confident that we will identify a successor that will benefit our employees, dealers, suppliers, shareholders and communities for the long run."

Tiller is expected to remain on the Polaris Board of Directors for a transitional period after a successor is named. Greg Palen, chairman of the Board of Directors, is directing the search for a successor.

As CEO, Tom Tiller led Polaris to become a more diverse and global company. Net sales grew from $1.1 billion to nearly $1.8 billion from 1998 to present. The company also expanded international business from 6% to 14% of sales from 1998 to present. Market capitalization grew from about $1 billion in 1998 to nearly $1.7 billion at the end of 2007.

Polaris will release fourth quarter and full year 2007 financial results Jan. 29th.