Polaris announced today that president and chief operating officer Bennett Morgan has retired from the company. Morgan is 52 years old. Polaris saw tremendous growth throughout Morgan’s tenure, though the company has recently seen significant declines in its stock prices. Shares traded for more than $150 in February 2015, while today they closed around $84. Morgan’s total compensation was $5,161,073 in 2015, according to Bloomberg. In an email to reporters, Morgan said, ““It’s been an honor to work at Polaris and with so many amazing people over the past 29 years. I will remember the relationships and the people more than the accomplishments.”
Here is a press release from Polaris about Morgan’s retirement.
MINNEAPOLIS (May 16, 2016) – Polaris Industries Inc. (NYSE: PII) today announced that Bennett Morgan, President and Chief Operating Officer, has retired.
Morgan joined the company in 1987 and took on increasing roles of responsibility, including leading Polaris business units, until he was promoted into his current role in 2005.
“Bennett dedicated his career to growing Polaris into the global powersports leader we are today. We thank Bennett for his significant contributions over the last 29 years and wish him well in his retirement,” said Scott W. Wine, CEO and Chairman of Polaris.
The company does not plan to hire a new President/COO; Wine will assume responsibility for Morgan’s direct reports.