A director representing Harley-Davidson Inc.‘s HOG significant shareholder has resigned from the company’s board, leveling serious accusations against CEO Jochen Zeitz and other leaders amid ongoing financial challenges for the motorcycle manufacturer.
What Happened: Jared Dourdeville of New York investment firm H Partners, which holds 9.1% of Harley’s stock according to a 13D form filed with the U.S. Securities and Exchange Commission, submitted his resignation in a letter dated Saturday.
Before resigning, Dourdeville had called for the immediate resignation of Zeitz, who serves as both CEO and chairman, along with directors Sara Levinson and Tom Linebarger.
Dourdeville accused company leadership of decisions that damaged the iconic brand, citing “cultural depletion” from extensive white-collar work-from-home policies and the departure of many senior leaders.
The company announced Tuesday that Zeitz plans to retire as CEO but will remain in the position until a successor is chosen.
Why It Matters: This leadership dispute comes amid challenging financial performance. In February, Harley reported a 34.7% revenue decline to $687.61 million in the fourth quarter of 2024, with global retail motorcycle sales falling 15%. CEO Zeitz cited “continued cyclical headwinds” and high interest rates affecting consumer confidence.
Harley’s newly launched touring models have also boosted its U.S. market share to 74.5% in the touring segment for fiscal 2024.
Harley-Davidson has a consensus price target of $35.18 from 11 analysts, with a high of $45 and a low of $26. The latest ratings from DA Davidson, Baird, and Citigroup average a $28.33 target, implying a 19.25% upside.
Harley-Davidson’s stock rose 13.74%, trading at $23.68 on Wednesday, after President Donald Trump announced a pause on wide-ranging tariffs.
Harley-Davidson stock may lag on momentum, but it outperforms key rivals Polaris Inc. PII and its former electric division LiveWire Group Inc. LVWR, according to Benzinga Edge Stock Ranking. HOG also maintains a stronger valuation score. Sign up to learn more.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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