H Partners Obtains Clear Referendum for Change at Harley-Davidson’s 2025 Annual Meeting

Highlights that H Partners’ Campaign Compelled Harley’s Board to Make Commitments to Numerous Shareholders, Effectively Acquiescing to H Partners’ Demands That 1) Mr. Zeitz, Mr. Linebarger, and Ms. Levinson Resign from the Board, 2) a New, External CEO be Appointed, and 3) Any Consideration of Mr. Zeitz Remaining on as Executive Chair be Eliminated

Calls on the Board to Follow Through on the Commitments Made to Numerous Shareholders

Nearly Half of the Overall Shares Voted Withhold on the Three Targeted Directors, and Almost 90% of the Non-Passive Institutional Shares Voted Withhold, Making Clear That Shareholders Want New Leadership

NEW YORK--(BUSINESS WIRE)-- H Partners Management, LLC (“H Partners” or “we”), one of the largest shareholders of Harley-Davidson, Inc. (NYSE: HOG) (“Harley-Davidson”, “Harley”, or the “Company”), which beneficially owns approximately 9.3% of the outstanding shares of the Company, today commented on the preliminary results of the Company’s 2025 Annual Meeting of Shareholders (the “Annual Meeting”).

“We thank our fellow shareholders and all other stakeholders, including dealers, riders, and employees, for their outpouring of support during this campaign for change at Harley. While we are disappointed with the state of the Company under the leadership of Mr. Zeitz, Mr. Linebarger, and Ms. Levinson, we believe that this shareholder mandate can create a brighter future for Harley-Davidson.

We are encouraged that this campaign compelled Harley’s Board to commit to numerous shareholders that Mr. Zeitz, Mr. Linebarger, and Ms. Levinson will resign from the Board before the 2026 Annual Meeting, that it will appoint a new, external CEO, and that it will eliminate any consideration of Mr. Zeitz remaining on in an Executive Chair role. With such a large withhold vote, we call on the Board to follow through on these promises.

We believe the outcome of today’s Annual Meeting sends a clear message that the direction of the Company needs to change. We are pleased that our campaign forced the Board to engage directly with stakeholders that they had long ignored, including dealers, employees, and shareholders. We encourage all stakeholders to continue to voice their perspectives on what is required to fix this great company.”

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About H Partners Management

H Partners Management, LLC is an independent investment firm founded in 2005 based in New York City.

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Source: H Partners Management, LLC