Arctic Cat Chairman & CEO Claude Jordan Steps Down; Names Interim Chairman & CEO

(RTTNews) - Arctic Cat Inc. (ACAT) announced that Claude Jordan has stepped down as chairman and chief executive officer. Chris Twomey, who served as Arctic Cat's CEO for 24 years, and also is a former chairman and a current member of the board of directors, has been named interim chairman and CEO.

The board is beginning a search for a permanent CEO. An executive search firm is being retained to assist in filling the CEO position.

Twomey served as Arctic Cat's CEO from 1986 to 2010. He was named a director of the company in 1987 and was board chair from 2003 to 2012.

Twomey said, "We expect to record a charge in the fiscal 2015 first quarter to cover severance-related costs. Excluding the severance, we are maintaining our fiscal 2015 guidance. The company is in strong financial shape and the board has every confidence in Arctic Cat's long-term growth prospects."