Please see what you are clicking on foxbusiness.com.
Major shareholders Harley Davidson It is calling for a major change to the company’s board of directors, claiming that CEO Jochen Zeitz and two other longtime members should be removed.
H Partner’s management said Wednesday that it is asking other Harley-Davidson shareholders to hold a “withholding” vote at upcoming shareholder meetings re-elected in May. Zeitz and two other board members; Thomas Reinberger and Sarah Levinson will be on the vote.
The motorcycle company’s interest is approximately 9.1%. One of the principals, Jared Doureville, was appointed to the Harley-Davidson board of directors from February 2022 until earlier this month.
The Harley Davidson Motorcycles corporate logo will be on display at Walt Disney World’s Disney Springs store in Orlando, Florida on June 1, 2024. (Photo: Gary Hershorn / Getty Images / Getty Images)
In filings with the Securities and Exchange Commission (SEC), shareholders who vote to “withhold” will send a strong message to the board to the board and send it to the board that meaningful changes are needed.”
Click here to get your Fox business on the go
In a publicly available letter, H Partner proposed that Harley-Davidson’s board of directors be “immediately removed” and replace Zeitz with interim CEOs “until an external permanent CEO is selected.”
“We believe that absentee CEOs who have already announced their intention to quit should not make decisions that could affect the long-term outlook of their business,” the investment company said. “We believe that the current board, which is tightly controlled by a small number of established board members, cannot be trusted to oversee key decisions, including CEO succession.”
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| pig | Harley-Davidson Inc. | 22.29 | +0.67 |
+3.10% |
Earlier this month, Harley Davidson revealed he was in the process of finding a new CEO to take over for Zeitz, who notified the board of directors in the final quarter of last year that he wanted to leave.
H Partner says the motorcycle company has “bad performance” because it “cannot modify courses” partially denounced Zeitz and Linebarger.
A side view of the Harley Davidson motorcycle seen on White Avenue in Edmonton, Alberta, Canada on September 10th, 2023. (Artur widak/Nurphoto via Getty Images/Getty Images)
The two claimed that “it was not completely transparent with the rest of the board.” Zeitz, LineBarger, and Levinson have “established” and further argue that they “cannot be held responsible for poor performance.”
In its SEC application, H Partner said, “We are deeply concerned that if the Board chooses a new permanent CEO, as is currently constituted, there will be a continuation of the company’s current strategic direction and further disruption of the significant shareholder value.”
Daytona Beach Bike Week thrives despite some degree of economic uncertainty
As of Wednesday, Harley-Davidson stocks It’s fallen Over 24% since the beginning of the year. Over the past 12 months, they recorded a 42.7% decline.
“We believe it is essential to find a leader who can repair relationships with dealers, engage with riders, respect and strengthen the brand, improve the culture, restore the company’s physical presence at its historic Milwaukee headquarters, and bring Harley-Davidson back to greatness.”
Fox Business reached out to Harley-Davidson for comment.
In early February, the company said it generated revenue of $4.12 billion in 2024, down 14.9% year-on-year. Meanwhile, its annual net income fell to $455.36 million.
The Harley-Davidson logo will be seen on January 24, 2024 near a store in Krakow, Poland. (Jakub Porzycki/Nurphoto via Getty Images)
At the time, Zeitz said Harley-Davidson “seemed to have a big impact on our performance. Continuous cyclical headwinds For discretionary products that include high interest rate environments that affect consumer trust in 2024.
For more information about Fox Business, click here
The company’s forecast for 2025 stated that its revenues were “flat, down 5%.”
