Arctic Cat CEO has resigned

Claude Jordan has resigned his post as the CEO of Minnesota-based recreational vehicle maker Arctic Cat. Chris Twomey, the former CEO who lead Arctic Cat for 24 years, is returning as interim CEO. The company's CFO has also postponed his retirement.

The company missed its third quarter earnings and sales targets in January and reported lower than expected ATV sales growth at the time. Although the company said it expected a good 2015, the stock value tumbled by more than a quarter at one point last month. The company said previously it had been hurt by Canadian currency weakness.

In a statement released Monday, Twomey said the company remains in strong financial shape, and that its board has begun a search for a permanent CEO. Arctic Cat has about 15 hundred employees and manufacturing operations in Thief River Falls and St. Cloud.

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