See what is happening on foxbusiness.com.
A major shareholder in Harley Davidson Calling for significant changes in the company’s board, CEO Zochen Zitz and two other long members must be removed.
H Parters Management said on Wednesday that he was asking other Harley-Davidson shareholders to “stop” in the upcoming shareholder meeting in May when elections again Zeitz and two other board members, Thomas Lineberger and Sara Lewinson, go for one vote.
The firm holds about 9.1%stake in the motorcycle company. One of its principals, Jreddo Doreville, from February 2022 earlier this month on Harley-Davidson’s board, when he resigned.
Corporate people for Harley Davidson motorcycles are displayed at their stores at Disney Springs on 1 June 2024 in Orlando, Walt Disney World in Florida. (Photo by Gary Hrsorn / Getty Image / Getty Image)
In a filing with the Securities and Exchange Commission (SEC), the investment firm said, the shareholders voting for “wathing” will have to “send” a strong message to the board to “send” a strong message that they are dissatisfied with the status quo and require meaningful changes.
Get Fox Business when you click here
In a publicly available letter, H Parters advocated “immediate removal” for Harley-Davidson’s board and replaced the zite with an interim CEO, until an external, permanent CEO is selected. ,
The investment firm said, “We believe that an absent CEO, who has already announced the intention of retiring, should not take decisions that can affect the long -term possibilities of the business.” “We also believe that the current board, which is tightly controlled by members of the present board, cannot be trusted to oversee important decisions including CEO succession.”
| Langer | Security | Last | Change | Change % |
|---|---|---|---|---|
| Hog | Harley-Davidson Inc. | 21.82 | +0.20 |
+0.95% |
Earlier this month, Harley-Davidson revealed that it was in the midst of the process of finding a new CEO to find a new CEO for the zite, which informed the board in the last quarter last year that he wanted to retire.
H Parters say that the motorcycle company experienced “poor performance” due to “the inability to do the course-right”, which was partially convicted on zitz ​​and lineburger.
A separate view of a side of the Harley-Davidson motorcycle on the White Avenue in Edmonton, Alberta, Canada on 10 September 2023. (Artur Widak / Nurphoto Getty Images / Getty Images)
It alleged that both are “not fully transparent with the rest of the board.” Zitz, Lineburger and Lewinson are “tangled” and “unable to justify each other for poor performance,” it claimed.
H Parters said in their SEC filing that it was “deeply concerned if the board – as currently formed – to select the new permanent CEO, would be a continuation of the company’s current strategic direction and further destruction of the important shareholder value.”
Detona Beach Bike Week thrives despite some economic uncertainty
By Wednesday, shares of Harley-Davidson Have fallen More than 24% since the beginning of the year. In the last 12 months, he has fallen by 42.7%.
“We believe that it is mandatory to find a leader who will repair relationships with dealers, engage with riders, respect and strengthen the brand, improve corporate culture, restore the physical appearance of the company at his historic Milwauki headquarters, and restore the Harley-Davidson into greatness,” H will be called the shareholders in their letter.
Fox reached Harley-Davidson for business comment.
In early February, the company said it produced $ 4.12 billion in revenue in 2024, a fall of 14.9% year-on-year. Meanwhile, its annual net income increased to $ 455.36 million.
The Harley-Davidson people are seen near the store on January 24, 2024 in Poland’s Craco. ,
Zeitz said at the time that Harley-Davidson “has” impressed our performance a lot Constant cyclic headwind In 2024 “for prudent products, including high-onion rate environment affecting consumer confidence.
Click here to read more on Fox Business
The company’s forecast for 2025 stated that its revenue “flat would be 5%below.”
