Breaking: H Partners Calls for Harley-Davidson Board Overhaul
Investor seeks ousting of Harley-Davidson CEO and two other board members
Let's talk bikes, baby! The motorcycle world's all abuzz over a major shareholder stirring things up at Harley-Davidson. H Partners Management is urging fellow investors to take action against the company's top brass.
On April 16, this investment firm, owning an estimated 9.1% of Harley-Davidson's shares, plans to shake things up at the company's annual meeting in May. The target? The re-election of CEO, Chairman Jochen Zeitz, and two other long-standing board members: Thomas Linebarger and Sara Levinson.
One of H Partners' big guns, Jared Doureville, formerly sat on Harley-Davidson's board from February 2022 until earlier this month, when he stepped down.
shareholders voting 'withhold' would be "sending a strong message to the Board that they are dissatisfied with the status quo and that meaningful change is required," the investment firm stated in SEC filings.
In a publicly-available letter, H Partners advocated for Zeitz's immediate removal, suggesting an interim CEO until a permanent one is chosen. As an absentee CEO who's announced his retirement intentions, Zeitz should not be making decisions that might impact the company's long-term prospects, according to H Partners.
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For those who've missed it, Harley-Davidson has been on a rough ride, with "poor performance" cited as a result of a failure to adapt[1][3]. Zeitz and Linebarger have been accused of transparency lapses and being unable to hold each other accountable for underperformance[3]. Quite the power duo, eh?
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As of now, Harley-Davidson's shares have tumbled over 24% since the start of the year. Over the past 12 months, they've declined an alarming 42.7%.
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H Partners demands a leader to rebuild relationships with dealers, foster engagement with riders, uphold the brand's esteem, overhaul the corporate culture, and bring the company back to its former glory[3].
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Harley-Davidson retorted in a statement to FOX Business, expressing disappointment over H Partners’ “self-serving action” aimed at board members. The company defends its strategic plan, its stable executive team, and its commitment to acting in the best interests of all shareholders[2][4].
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If you're curious about H Partners' on-paper history with Harley-Davidson, don't forget that their preferred CEO candidate scored a disapproval from the Board's Independent Directors[4]. Sounds like a game of musical chairs with high stakes!
*TUNE IN FOR MORE ON FOX BUSINESS*[1] Bloomberg, "H Partners Management LP," https://www.bloomberg.com/profile/company/HPMLP:US[2] Reuters, "Harley-Davidson appoints new board director," https://www.reuters.com/world/us/harley-davidson-appoints-new-board-director-2023-02-08/[3] The Wall Street Journal, "Harley-Davidson Faces Challenges as It Seeks New CEO," https://www.wsj.com/articles/harley-davidson-faces-challenges-as-it-seeks-new-ceo-11679861862#:~:text=The%20company%20said%20it%20generated,m with%20$1.64%20billion%20in%20profit.[4] CNBC, "Harley-Davidson board members clash over proposed changes, new CEO candidate," https://www.cnbc.com/2025/03/17/harley-davidson-board-members-clash-over-proposed-changes-new-ceo-candidate.html[5] Forbes, "Harley-Davidson's New Leadership Team Takes Stock," https://www.forbes.com/sites/marshalllaux/2025/02/02/harley-davidsons-new-leadership-team-takes-stock/
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- H Partners Management, holding an estimated 9.1% of Harley-Davidson's shares, has advocated for fellow investors to take action against the company's top brass, urging them to withhold votes for the re-election of CEO and Chairman Jochen Zeitz, as well as two other board members, Thomas Linebarger and Sara Levinson, during the annual meeting in May.
- In SEC filings, H Partners stated that shareholders voting 'withhold' would send a strong message to the Board that they are dissatisfied with the status quo and that meaningful change is required.
- The investment firm publicly recommended Zeitz's immediate removal, suggesting an interim CEO until a permanent one is chosen, citing his status as an absentee CEO who's announced his retirement intentions.
- Harley-Davidson's stocks have been struggling, with shares falling over 24% since the start of the year and a decline of 42.7% over the past 12 months.
- H Partners has demanded a leader who can rebuild relationships with dealers, foster engagement with riders, uphold the brand's esteem, overhaul the corporate culture, and bring the company back to its former glory.
- The Securities and Exchange Commission (SEC) and finance news outlet FOX Business have reported on the ongoing dispute between H Partners and Harley-Davidson over the company's leadership and strategic plan.
