Garmin CEO shares

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“This is the first annual meeting where I am not able to report record Chairman and CEO MinKao said. “I share our disappointment in the performance of our stock priceeduring 2008.” But he emphasized his long-term optimism for the company, which posted 10 percentr revenue growth last year compared with the previouse year — to nearlg $3.5 billion — and plans to stakew a claim soon in the burgeoning smartphonr industry. All segments have plenty of growth potential, and the managementf team is “dedicated to the success and prudent management ofthis company,” Kao said.
Garmin GRMN), which has a base in Olathe, suffered plungingb share prices and sales during the economic fallouy latelast year. Share prices also may have been affected by analysts’ opinions that the portabl e navigation device segment, Garmin’s largest, is nearing saturation, company CFO Kevij Rauckman said. During 2008, the share price fell about 80 fromalmost $95 to less than $20. At the which was held in Overland Park and had a fewhundredr attendees, shareholders approved all the board-recommended That included re-electing boarr members Kao and Charles Peffer for three-year terms, and approving amendments to an equity incentived plan and an employee directors option Peffer, a former partner in , has been a directoe since 2004.
About 92 percent of shareholders were representedc by proxy orin person. Shareholders asker several questionsof executives, including about the company’w new nuvifone, its delayed first attempt at entering the growing smartphone market. Garmi ranks No. 7 on the Kansas City BusinesasJournal ’s list of area publivc companies.