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| [December 17, 2012] |
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Garmin Announces Executive Transition Plan
SCHAFFHAUSEN, Switzerland --(Business Wire)--
Garmin (News - Alert) Ltd. (Nasdaq: GRMN) today announced that effective January 1,
2013 the board of directors has appointed Clifton Pemble to the position
of president and CEO, succeeding co-founder, Dr. Min Kao. Pemble, who
joined Garmin in 1989 as one of the company's first engineers, has been
serving as president and chief operating officer since October 2007, and
has been a member of the Garmin Ltd. board of directors since August
2004. Dr. Kao will assume the role of executive chairman, where he will
continue to serve as the chairman of the board of directors while also
providing ongoing support to the company's strategic planning and
business development processes.
"One indicator of an enduring company is the strength of its succession
plan," said company co-founder Dr. Kao. "Cliff has been instrumental in
establishing Garmin as a global leader in every market we serve. I
firmly believe that he is equipped to lead us into the future with
skills and knowledge that encompass the breadth and depth of the entire
business. I am grateful to Cliff for his years of unselfish service and
his willingness to accept this new role. I m also pleased with the
depth of the executive management team which will be serving under
Cliff's leadership."
Speaking on behalf of the board, Pemble said, "Min, along with Gary
Burrell, aspired to bring the benefits of GPS technology to the masses.
They succeeded; Garmin is now a multi-billion dollar company with strong
profits, amazing technologies and a diverse market strategy that will
serve us well in 2013 and beyond. We cannot adequately express our
gratitude for Min's enduring vision and leadership. As we enter a new
era for our company, he will continue to play a vital role in the
formulation of our business strategy. We are fortunate to have Min's
ongoing wisdom and experience as we move forward into the future."
Since its inception in 1989, Garmin has delivered more than 100 million
products, most of them enabled with GPS - far more than any other
navigation provider. The company was recently chosen as a component in
the S&P 500 index, widely used as a benchmark for investors and a gauge
of the overall performance of the U.S. stock market.
About Garmin Ltd.
The global leader in satellite navigation, Garmin Ltd. and its
subsidiaries have designed, manufactured, marketed and sold navigation,
communication and information devices and applications since 1989 - most
of which are enabled by GPS technology. Garmin's products serve
automotive, mobile, wireless, outdoor recreation, marine, aviation, and
OEM applications. Garmin Ltd. is incorporated in Switzerland, and its
principal subsidiaries are located in the United States, Taiwan and the
United Kingdom. For more information, visit Garmin's virtual pressroom
at www.garmin.com/pressroom
or contact the Media Relations department at 913-397-8200. Garmin is a
registered trademark of Garmin Ltd.
All other brands, product names, company names, trademarks and service
marks are the properties of their respective owners. All rights reserved.
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