Titan Machinery president changing role
WEST FARGO—Peter Christianson, president and co-founder of West Fargo-based Titan Machinery, is changing his role within the company.
Titan disclosed in a recent Securities and Exchange Commission filing that Christianson will end his term as president effective June 4, the date of the company's annual meeting.
Christianson's term as a member of the company's board of directors will also expire at that time and he will become chairman of international operations for the company.
Titan, founded in 1980, is a dealer of agricultural and construction equipment with more than 90 North American dealerships and 16 dealerships in Europe.
The SEC filing states that Christianson's new job as chairman of international operations will conclude at the end of the 2016 fiscal year, and he will then become a consultant to the company.
As a consultant, Christianson is to receive an annual fee equal to his current base salary of $500,000 for three years.
Titan Machinery has not disclosed who will replace Christianson as president.
Christianson said Thursday the company is in a "quiet period" leading up to the release of an earnings report Thursday, and he was restricted from talking about company developments until after the earnings report.
Christianson's job change is happening at a difficult time for the company, which reported a net loss for fiscal year 2015 of more than $31 million.
In March the company announced it was cutting its workforce by 14 percent.
Titan said at the time that declining agriculture revenues and other pressures were factors in the move.