NEW YORK (AP) — Personal navigation device maker Garmin Ltd. on Wednesday named Cliff Pemble to the new positions of president and chief operating officer.
Pemble, 42, will also assume direct supervision of all North American subsidiaries, including Garmin AT, Dynastream and Digital Cyclone.
The announcement frees up Chairman and Chief Executive Min Kao to devote more time to business development, strategic planning and the development of Asia-Pacific business initiatives, the company said.
Garmin has made a bid to buy Dutch digital mapmaker Tele Atlas NV. Tele Atlas said it will review its options, even though it accepted a buyout deal from the Netherlands-based Tom Tom NV. Garmin's offer is 15 percent higher than Tom Tom's.
The company also raised its full-year earnings outlook to more than $3.40 per share and boosted its revenue forecast to more than $2.9 billion. Analysts polled by Thomson Financial expect a full-year profit of $3.42 per share on sales of $2.90 billion.
Shares of Garmin fell $10.79, or 9 percent, to $109.69 in morning trading. Over the past year, the stock has traded between $44.53 and $125.68.