
Save the Brand orDie Trying
By Frank White with inserts from Robin Bradley AMD
I have unique insight into HDMC as the 33-year CEO of ATK motorcycles, a co-member of The United States Motorcycle Manufacturers Association (USMMA) and longtime associate of The International Motorcycle Manufacturers Association (IMMA) with HDMC. We own the only American Dirt Bike Manufacturer after we took control from Cannondale in 2003.
I had the opportunity to work with the executive teams of Harley-Davidson including the last six CEOs – Teerlink, Bleustein, Ziemer, Wandell, Levatich, and Zietz. I have NOT personally met Zietz, as he’s never in Milwaukee for reasons I can’t comprehend.
ATK being a member of the world-wide motorcycle community and associations created a lasting comradery with leading executives. We chat informally about the good, bad and totally stupid moves some motorcycle manufacturers make.
A recent call came from a large Italian manufacturer asking me why a German, of all people, runs Harley-Davidson the great American Brand. Over the last four years these discussions have centered mostly around Zietz incompetency and arrogance and how the HDMC board continues to allow this. Then out of left field, one board member, Dourdeville,, a member of H Partners stepped up and called the charade for what it is. This H Partners group gets it.

H-D Q1 North America Unit Sales -24%
On the first day of May, 2025, outgoing Harley Chairman, CEO and President Jochen Zeitz cited the widely documented “historically low” levels of consumer confidence, and an established recessionary environment in the US motorcycle market, for a massive -27% Q1 collapse in domestic US motorcycle unit sales (20,892 units) and HDMC revenue ($1.082bn). –AMD
The calls I received the past week are hopeful HDMC will get back on track. Manufacturers around the world rely on H-D leadership. Their guidance is currently MIA.
Zietz and those who have supported his charade of negligence, including Linebarger and Levinson need to retire or resign immediately. These board members should not be able to make decisions for the Harley-Davidson Motor Company. The board needs to be reconstituted to save Harley-Davidson and return it to being the greatest iconic brand. The company needs a stellar Board of Directors not a pathetic board of enablers.

There is a proxy vote next week with Zietz and those two; Linebarger and Levinson who have supported this Zietz charade are on the ballot as well. The overwhelming consensus I hear is that these three need to retire or resign immediately, and that they should not be in a position to make decisions for the Harley-Davidson Motor Company. Two of them have been for nearly 30 years. It is, clearly, evident that the board needs to be reconstructed to save Harley-Davidson and return it to being the greatest iconic brand. I have heard positive things about the other board members. The company currently needs a stellar Board of Directors not a pathetic board of enablers.
I was interviewed by the Harley Davidson Motor Company CEO search committee at Heidrick & Struggles to get my input on who I think would be the most qualified person to run Harley-Davidson. I have known most of the Harley-Davidson Motor Company executive teams over the years. Below are my opinions, I gave the interviewer three names and for now I will not say who. It is imperative the next CEO be a winner. The last great CEO was Bleustein, the last 4, in my opinion, get a combined D+ grade.
The Harley brand is special and unique unlike the rest of us. Most of us just manufacturer motorbikes from parts listed on a bill of materials. Harley does the same but adds the culture factor which inspires enthusiasm and loyalty not found among other brands. How many other company logos do people have tattooed on their bodies? I have seen thousands of H-D tattoos over the years and never seen another brand (including ATK) on anyone.

The 27% reduction in revenue was said to have been primarily driven by the planned decrease in wholesale shipments and unfavorable foreign currency landscape, partially offset by favorable mix, favorable global pricing and net incentives. Parts & Accessories revenue was down 14% and Apparel revenue was down 11%, due to lower customer traffic at dealer stores.–AMD
That being said the right CEO needs to be a part of the culture which makes this unique. I could name ten good people in the motorcycle business who could do an excellent job making good motorcycles, however, without them being fully vetted and accepted members of what I refer to as the pack they will not be successful with HDMC. The HDMC culture is comprised of Pack animals. Ever been to Sturgis?

- The Candidate needs to restore Harley-Davidson Culture. This starts with reopening the Harley-Davidson Headquarters in Milwaukee with the employees working at Juneau Ave headquarters. This is a business of collaboration, unlike the shoe business Zietz came from.
- The Candidate must be a great listener required to heal relationships with dealers and many others in this industry. The dealer network has been abused terribly, and dealer morale and trust are currently at an all-time low. I have a business associate who was twice elected to be the Harley-Davidson Dealer Advisory Chairman. He and I continue to get calls from many of these disgruntled dealers. The new CEO needs to be someone they know and trust who I call the “healer.” VERY IMPORTANT A HEALER who listens. Yes, it is a very rare attribute.
- The Candidate must be growth focused. Harley-Davidson needs the right products, at the right price points. The heavy-weight and electric motorcycle markets are not where Harley-Davidson will find growth. The new CEO needs to maintain the brand and culture while operating outside of the box and listening to credible individuals with innovative ideas. For the past 35 years there have been two syndromes the brand must overcome. First is the NIH which is the not invented here syndrome and then comes the Analysis / Paralysis syndrome.
- The Candidate must have experience with brand, dealers, riders, suppliers and fully understands the international markets.
- The Candidate needs to restore the Davidson family name to the forefront. The last few CEOs have been jealous, and did not want to share the stage with the Davidsons. This is pathetic. The pack is there to see the Davidsons. It needs to be Bill Davidson, who I have had the pleasure of riding dirt bikes with. The pack does not come to see the CEO, they are there to see the family who formed the pack. In simple terms a CEO needs to have more smarts than a huge ego. This took my candidate list from 6 to 3.

During the first quarter, Harley repurchased $87m of shares (3.4 million shares) on a discretionary basis.–AMD
- Board of Directors: Time is of the essence. This CEO needs to be ready to hit the ground running. An insider can ONLY accomplish this. An outsider will hit the ground flat footed and will have nowhere to stand, just wasting time with your marketing people trying to portray and dress up the new guy is part of the “pack.” This “pack” is not fooled.

The last GREAT CEO was an Engineer, Jeff Bleustein, and the next CEO needs to be a combination of Teerlink and Bluestein. These two reclaimed Harley-Davidson from the bowling ball company and turned it into The GREAT American Success Story. About 33 years ago Teerlink wished me the best, handed me the book Well Made in America, and told me if you run an American Motorcycle brand you need to read it. I still remember its key points.
The CEO needs a product background, not a financial or legal background. Again, the CEO needs to come from Sales or Engineering, or something related to the motorcycle itself. It will take that type of personality to create the missing spark needed to revive the brand. The financial guy should be the Chairman of the Board, NOT the CEO. H-D’s all about the wow factor and finance guys cannot wow the pack only each other and other investors, not the pack. It takes two to run a motorcycle brand, a visionary dreamer controlled by a suit that respects each other like Teerlink and Bluestein had.

Consolidated operating income in the first quarter was down 39%, driven by a decline of 51% at HDMC, partially offset by an increase of 19% at HDFS. Consolidated revenue in the first quarter was down 23%, driven largely by the HDMC revenue decrease of 27%.
Addressing the rumours that Harley is looking at selling off its finance arm, in remarks to investors neither Jochen Zeitz or, separately, CFO and Commercial Operations President Jonathan Root didn’t entirely rule it out.–AMD
Board of Directors: Let me give the next board of directors some advice. Your board should have two automatic seats. First, you should have the outgoing Dealer Advisory Chairman who serves 3-year terms and is elected by your dealers. The second automatic seat should be reserved by one of the Davidson family, either Bill or Karen. The current H-D community sees the Davidson family as the iconic founder of the brand which they are. If you had these two seats automatic you would not see the company in the current crisis mode. Fill the empty seats with two individuals the H-D, community and dealers without question will embrace. They have an earned their position with the “pack” without question.

Point 2 to the Board of Directors: There should be Term Limits. You have two on the board who have served around 50 years combined. This isn’t healthy in this ever-moving industry.
LiveWire revenue for the first quarter decreased by 42%. The revenue decline was due to lower electric motorcycle unit sales (Q1 LiveWire unit sales were just 33 machines, compared to 117 in Q1 2024) and lower STACYC electric bike sales.
It became apparent that Harley would no longer give LiveWire an open check book. Zeitz confirmed that Harley would now actively seek external capital for LiveWire, if and when needed. He was clear that Harley itself would not provide LiveWire with additional investment above or beyond the presently agreed and in-place line of credit of up to $100m. He also projected 2025 LiveWire losses of $59m.–AMD
In my opinion, what this company needs to focus on is:
- I believe that the time has come for H-D to transition to a privately owned business. Being a publicly traded company was a good thing but has been a real detriment for the past 20 years. I hear this monthly from people much smarter than myself. One of these individuals was the key architect behind HDMC going public back in the 1980s.
- Future growth. Now that’s a no brainer. We just need to find out what all new and future customers are looking for and have competent people in place, so the company does NOT go through its analysis/ paralysis division.
Yes, I am a very opinionated and may be wrong in a few areas, but my interest is with HDMC picking the right person and hopefully my insights will help that group find the right pack leader of the greatest motorcycle brand ever.
Frank White