Navigation device maker Garmin Ltd. (GRMN: Quote) Monday said it has named Chief Operating Officer Clifton Pemble as its president and chief executive officer, effective January 1, 2013.
Pemble succeeds Garmin’s co-founder Min Kao who will now assume the role of executive chairman. Kao will continue to serve as the chairman of the board of directors and will provide ongoing support to the company’s strategic planning and business development processes.
Garmin makes consumer, aviation, and marine technologies for Global Positioning System.
Pemble most recently served as president and COO, and has been a member of the Garmin board of directors. He joined the firm in 1989 as one of the company’s first engineers, and was serving in the present position since October 2007. He was a member of its board of directors since August 2004.
Kao stated, “One indicator of an enduring company is the strength of its succession plan. Cliff has been instrumental in establishing Garmin as a global leader in every market we serve.”
In October end, Garmin had reported a decline in third-quarter profit, while lifted its full-year earnings per share outlook. At that time, Kao stated that due to the diverse markets it serve, the company was able to post growth in revenue, unit volumes, and operating income during the third quarter of 2012.
GRMN closed Friday’s regular trading at $40.68 on the Nasdaq.
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by RTT Staff Writer
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