Press release from Business Wire
Arctic Cat Announces Planned Retirement of CFO Timothy Delmore in May 2014
Monday, November 18, 2013
Arctic Cat Announces Planned Retirement of CFO Timothy Delmore in May 201414:00 EST Monday, November 18, 2013
MINNEAPOLIS (Business Wire) -- Arctic Cat Inc. (NASDAQ:ACAT) today announced that Chief Financial Officer Tim Delmore has announced his intention to retire from Arctic Cat effective May 31, 2014. After nearly 29 years with the company, Delmore, 60, is looking forward to spending more time with his family, on outdoor recreational activities and other personal interests.
During Delmore's tenure, Arctic Cat's revenue grew from $16 million to more than $672 million in fiscal 2013. Delmore joined the company in 1985 as controller, when it was then privately held Arctco, Inc. He has served as chief financial officer since 1986 and as its secretary since 1989. Delmore helped lead Arctic Cat through its initial public offering in 1990.
Commented Arctic Cat's chairman and CEO Claude Jordan: “For nearly three decades, Tim has played a key role in Arctic Cat's growth. His deep knowledge of the company and financial stewardship helped build Arctic Cat into a market leader in the powersports industry. On behalf of the board and everyone at the company, I want to thank Tim for his outstanding leadership, dedication and contributions. Tim is leaving the company in a very strong financial position. We anticipate there will be a smooth transition, once a successor is named.”
An executive search firm is being retained to assist in filling the CFO position. Delmore will continue to oversee his current responsibilities until his retirement.
About Arctic Cat
Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs), side-by-sides and snowmobiles under the Arctic Cat® brand name, as well as related parts, garments and accessories. Its common stock is traded on the NASDAQ Global Select Market under the ticker symbol “ACAT.” More information about Arctic Cat and its products is available at www.arcticcat.com.
Arctic Cat Inc.
Claude Jordan, 763-354-1800
Chief Executive Officer
Shawn Brumbaugh, 612-455-1754