Michael Malone, age 56, has declared that he is retiring from the position of Vice President, Finance and Chief Financial Officer effective August 3rd. However, Mike has agreed for a newly-formed role of Executive Vice President, Polaris Financial Services, which he will attend from early 2016. He has contributed almost three decades of his life to Polaris and has his career has been highly productive for Polaris. Mike has performed various roles of high responsibilities since 1984 when he joined Polaris. Mike began as a part of a 20 person finance team and now leads a global organization numbering over 200. From the time when Mike began his work at Polaris, company’s annual sales grew from about $50M to nearly $5B, and the stock price now sits near $150, up almost 9000% from its value of $1.67 when Malone drove the Initial Public Offering in 1987.
Mike stated, “I am truly honored and humbled to have been given the opportunity to lead the finance team and the responsibility to provide value to all Polaris stakeholders for an extended period of time. I am looking forward to enjoying the next stage of my life in retirement with the same passion I have had for the Polaris business the past 30 years.”
“Mike has over 30 years of distinguished service with Polaris, and his contributions to our growth and our culture are innumerable in scope and inestimable in value,” said Scott Wine, Polaris Chairman and CEO. “In an era where the average CFO tenure is about six years, Mike’s 19 years as the financial steward of Polaris are quite remarkable. He joined Polaris in 1984 with an audit background, quickly mastered treasury and has amassed a depth and breadth of global corporate finance experience that has been vital to Polaris’ sustained financial success.”
Wine continued, “His conservative nature and unwavering integrity established Polaris’ financial culture, and his leadership and commitment to talent will support our success for years to come, while his ironclad devotion to improving our company is indelibly stamped on nearly every stage of Polaris’ history. Mike’s commitment to Polaris is further highlighted by his willingness to postpone his retirement and take on the challenge of navigating an unprecedented period of change and complexity in our retail and wholesale financing businesses.”