Harley Davidson Stock Price, News & Analysis

Harley-Davidson (NYSE: HOG) has issued a response to H Partners' recent accusations, defending its corporate governance and CEO search process. The company strongly refuted H Partners' claims, characterizing them as a "misleading and disruptive campaign." The Board emphasized three key points: 1) They are executing a deliberate CEO search process and Board refreshment plan; 2) The three contested Directors - Jochen Zeitz, Tom Linebarger, and Sara Levinson - are crucial for the CEO transition; 3) H Partners previously supported the current leadership and strategy before withdrawing from the search process. The Board is urging shareholders to vote "FOR ALL" director nominees on the WHITE proxy card at the upcoming 2025 Annual Meeting.

H Partners Management, owning 9.3% of Harley-Davidson (NYSE: HOG), has exposed alleged secret commitments made by the company's Board to select shareholders ahead of the 2025 Annual Meeting. The controversy centers around undisclosed promises regarding the planned departure of CEO Jochen Zeitz and directors Thomas Linebarger and Sara Levinson, as well as intentions to appoint an external CEO.

H Partners criticizes these actions as violations of corporate governance norms and SEC proxy rules, highlighting $9 billion in equity value destruction over past CEO successions. Two independent proxy advisory firms - Glass, Lewis & Co. and Egan-Jones - have recommended shareholders vote "WITHHOLD" for these directors at the upcoming May 14, 2025 Annual Meeting.

H Partners Management, owning 9.1% of Harley-Davidson (NYSE: HOG), has strongly criticized ISS's recommendation regarding the upcoming Annual Meeting on May 14, 2025. The investment firm urges shareholders to vote WITHHOLD on the BLUE proxy card for CEO Jochen Zeitz, Thomas Linebarger, and Sara Levinson, citing severe underperformance. Under their tenures, HOG shares underperformed the S&P 400 Consumer Discretionary Index by -335%, -403%, and -816% respectively. H Partners highlights poor execution of the Hardwire Strategic Plan, missed guidance in 6 of 9 quarters, and $2 billion in equity value destruction under Zeitz's leadership. The firm also notes that over 50% of U.S. dealerships were unprofitable in 2024, with dealer sentiment near decade-lows.

Harley-Davidson (NYSE: HOG) has issued a letter to shareholders addressing an ongoing proxy battle with H Partners ahead of its May 14, 2025 Annual Meeting. The company defends its board's performance and criticizes H Partners' campaign, which emerged after their board representative quit when their preferred CEO candidate wasn't selected. The Board highlights its outperformance with 13% operating margins (4 percentage points above peer median) and 70% free cash flow to EBITDA ratio (twice the peer median) during 2022-2024.

The company urges shareholders to vote "FOR ALL" director nominees on the WHITE proxy card, emphasizing the critical role of current directors in selecting the next CEO. H Partners is targeting three board members, including current CEO Jochen Zeitz, despite previously supporting both Zeitz and the company's Hardwire strategic plan during their three-year board representation.

Harley-Davidson (NYSE: HOG) reported challenging Q1 2025 results with significant declines across key metrics. The company delivered diluted EPS of $1.07, down 38% from $1.72 in Q1 2024. Global motorcycle retail sales fell 21% year-over-year, with North America down 24% and Asia Pacific down 28%. Revenue decreased 23% to $1.329 billion, while operating income dropped 39% to $160 million. Motorcycle shipments declined 33% to 38,600 units. The company's financial services segment (HDFS) showed resilience with a 19% increase in operating income. LiveWire, their electric motorcycle division, saw unit sales drop 72% but reduced its operating loss by 32%. Due to uncertain global tariff situations and macroeconomic conditions, Harley-Davidson withdrew its full-year 2025 financial outlook. The company maintained shareholder returns through $87 million in share repurchases and $23 million in dividends.

Harley-Davidson has released two presentations defending against claims made by investor H Partners, urging shareholders to vote "FOR ALL" company nominees at the May 14, 2025 Annual Meeting. The company highlights its Board's oversight of the Hardwire strategic plan and recent performance, including:

• 13% operating margins (2022-2024), ~4 points above peer median
• 70% free cash flow to EBITDA ratio, twice the peer median
• 25% reduction in share count over three years
• $1.4 billion returned to shareholders since 2022
• 14% increase in dividend from $0.63 to $0.72

The dispute centers on CEO succession after Jochen Zeitz expressed interest in retiring. H Partners' preferred CEO candidate failed to gain majority Board support. The company criticizes H Partners' campaign as destructive, noting that their Board representative supported management decisions for three years before abruptly resigning. Harley-Davidson defends its peer group selection and governance practices while questioning H Partners' motives.

H Partners, owning 9.1% of Harley-Davidson shares, has issued a rebuttal presentation challenging claims made in the company's April 25, 2025 investor presentation. The investment firm is leading a campaign urging shareholders to vote "WITHHOLD" on three incumbent directors at the upcoming Annual Meeting on May 14, 2025.

The targeted directors include:

• CEO and Chairman Jochen Zeitz
• Presiding Director Thomas Linebarger
• 29-year director Sara Levinson

H Partners alleges poor performance, weak execution, flawed corporate governance, and substantial value destruction under current leadership. The firm has launched a website, www.FreeTheEagle.com, where shareholders can access the rebuttal presentation and campaign materials. Shareholders can vote using either the company's WHITE proxy card or H Partners' BLUE proxy card, with the latest dated vote counting.

Purple Chip Capital announces support for H Partners' campaign for change at Harley Davidson (NYSE:HOG) and plans to withhold votes for CEO/Chairman Jochen Zeitz and Directors Thomas Linebarger and Sara Levinson at the 2025 Annual Meeting.

The investment firm criticizes the current board for:

• Neglecting Harley's distinctive culture and dealer network
• Shifting focus to online sales
• Introducing off-brand product lines
• Launching the "misguided" electric Livewire bikes
• Using lower-quality plastic parts instead of chrome, steel, and leather

Purple Chip Capital advocates for:

• Strengthening dealer partnerships
• Discontinuing the Livewire electric line
• Reintroducing the Sportster 883 as an entry-level motorcycle
• Returning to high-quality materials and parts
• Refocusing on attracting next-generation riders

H Partners Management, owning approximately 9.1% of Harley-Davidson (NYSE: HOG), has filed a definitive proxy statement urging shareholders to vote 'WITHHOLD' on three incumbent directors at the 2025 Annual Meeting. The targeted directors are CEO & Chairman Jochen Zeitz, Presiding Director Thomas Linebarger, and 29-year director Sara Levinson.

The investment firm highlights three key concerns:

• Poor Performance: HOG's Total Shareholder Returns have underperformed under Zeitz's five-year leadership
• Weak Execution: The Hardwire Strategic Plan has failed to deliver profitable growth, evidenced by declining Operating Income
• Flawed Corporate Governance: Shareholder-unfriendly practices and ineffective oversight have enabled value destruction

H Partners seeks to reconstitute the Board to unlock shareholder value and restore the company's position.