“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 am 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.