Polaris Industries Inc. (NYSE/PSE: PII) announced today that Michael W. Malone, currently the company's vice president, administration, will become the company's vice president, finance, and chief financial officer effective January 15, 1997, succeeding John H. (Jack) Grunewald, 60, who is retiring. <br /><br />W. Hall Wendel, Polaris chairman and chief executive officer, said Grunewald made critical contributions to the company's growth and success during more than three years as executive vice president and chief financial officer for Polaris. "Jack provided us with strategic guidance and outstanding finance and accounting leadership during a critical period in the company's development. He helped guide us through a period of extraordinary growth during which the company's sales more than doubled, surpassing $1 billion for the first time. We're grateful for his contributions to the company's success and wish him the best in his retirement," said Wendel. <br /><br />Malone, 38, joined Polaris in 1984 after four years with Arthur Andersen and company. He was named assistant treasurer in 1986 and appointed vice president and treasurer in December 1994. Malone assumed additional administrative responsibilities when he was named vice president, administration, in May 1996. <br /><br />Malone was part of the team that took Polaris public in 1987 as a master limited partnership and helped manage the company's conversion to a publicly traded corporation in 1994. He has directed Polaris' Partners in Continuous Improvement quality process since its inception in 1992. Malone holds a bachelor's degree from St. John's University and is a certified public accountant. In 1995, he was named by CityBusiness, a Twin Cities business newspaper, to its "40 under 40" list of business leaders to watch. <br /><br />Grunewald joined Polaris in September 1993 from Pentair, Inc., where he had been vice president, chief financial officer and secretary. He had previously held executive-level finance positions at Pako, Fingerhut Corporation and International Harvester. <br /><br />"Mike and Jack have worked together closely over the past several years in managing our relationships with our banks, the investment community and our dealers and distributors, while also overseeing our finance, accounting and administrative areas," said Wendel. "Their collaboration was in anticipation of the transition we're announcing today and, as a result, we expect it will be a very smooth one." <br /><br />Polaris Industries Inc. designs, engineers, manufactures and markets snowmobiles, all-terrain vehicles and personal watercraft for recreational and utility use. Polaris is the world's largest snowmobile manufacturer, and one of the largest U.S. manufacturers of ATVs and personal watercraft. Polaris Industries Inc. trades on the New York Stock Exchange and Pacific Stock Exchange under the symbol "PII." 