Garmin CEO shares

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“This is the first annual meeting where I am not able to reportrecord earnings,” Chairman and CEO Min Kao said. “Iu share our shareholders’ disappointment in the performanc of our stock pricdduring 2008.” But he emphasized his long-term optimism for the which posted 10 percent revenuwe growth last year compared with the previous year — to nearlyu $3.5 billion — and plans to stak e a claim soon in the burgeoninf smartphone industry.
All segments have plenty of growth and the management teamis “dedicatedx to the success and prudent management of this company,” Kao Garmin (Nasdaq: GRMN), which has a base in Olathe, suffereds plunging share prices and sales durin the economic fallout late last year. Share price s also may have been affected by opinions that the portable navigatiojndevice segment, Garmin’s largest, is nearingg saturation, company CFO Kevin Rauckman said. During the share price fell about 80 fromalmost $95 to less than $20. At the which was held in Overland Park and had a fewhundred attendees, shareholders approved all the board-recommended measures.
That included re-electiny board members Kao and Charles Peffetfor three-year terms, and approving amendmentds to an equity incentivesx plan and an employee directorzs option plan. Peffer, a former partnee in , has been a director since 2004. Abougt 92 percent of shareholders were represented by proxy orin person. Shareholderw asked several questionsof executives, including about the company’s new nuvifone, its delayer first attempt at entering the growing smartphone market. Garminj ranks No. 7 on the Kansas City Business Journal ’s list of area publixc companies.