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Harley Creates Chief Digital Officer Role, Hires Former Bose Exec

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by Dustin Wheelen from https://www.rideapart.com Hawking Hogs in the digital age. Many see a Harley-Davidson motorcycle as the symbol of a mid-life crisis, but for the past five years, the Motor Company has been going through its own identity crisis. From releasing the LiveWire to introducing the Pan America and the Bronx to the recent Rewire scale back plan, messaging from the brand has been mixed to say the least. Despite refocusing on cruisers and baggers, the company recently created a Chief Digital Officer position to beef up its online presence. Harley hired former Bose Corp. executive Jagdish Krishnan to helm the initiative. Drawing from his 20 years of digital leadership at Bose, Deloitte & Touche, and Patni Computer Systems, Krishnan will prioritize building relationships with existing and new customers through the company’s digital platforms. The brand is also focused on developing its e-commerce and direct-to-consumer capabilities by further digitizing dealers. Krishnan’s digital strategy will heavily lean into customer experience not only online but also in-store. “Harley-Davidson is all about experiences, and an enhanced digital experience is absolutely critical for us to make our GIS and digital capabilities more customer-centric,” said Krishnan’s new boss, Harley-Davidson president and CEO Jochen Zeitz. “We will take a completely different approach to applying digital technology across the company to fundamentally change how we operate and create value.” While retro-styled cruisers and advanced technology seem antithetical, COVID-19 is only accelerating worldwide digitization. With the company recording reduced sales figures in Q2 and preparing for layoffs at the end of the calendar year, harnessing the internet as a retail tool will become more and more important. “We need to be a high-performing team with cutting edge leadership to move us forward,” noted Zeitz. “Jagdish is exactly the right leader, and he will ensure we connect with […]

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Harley-Davidson swings to Q2 loss, plans overhaul of operating model with new 5-year plan

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by Ciara Linnane from https://www.marketwatch.com Harley-Davidson Inc. shares HOG, -0.75% slid 2.9% premarket Tuesday, after the iconic motorcycle company swung to a loss in the second quarter and unveiled an overhaul of its business that will see it exit certain markets and streamline its product line. Milwaukee-based Harley swung to a loss of $92 million, or 60 cents a share, in the quarter, after a profit of $196 million, or $1.23 a share, in the year-earlier period. Its adjusted loss per share came to 35 cents, short of the FactSet consensus for earnings of 11 cents a share. Revenue fell 47% to $865 million from $1.633 billion, ahead of the $761 million FactSet consensus. U.S. motorcycle sales fell 27% to $31.3 million, EMEA sales fell 30% to $11 million and Asia Pacific sales were down 10% to $6.9 million. The company is not offering guidance, given the uncertainty created by the pandemic. Harley is planning a ‘Rewire’ restructuring of its global operating model, that will impact all areas of the business from commercial operations to center-led support functions. That process will build to a new five-year plan, to be called ‘Hardwire.’ “Building on our strong brand legacy, we are reinvigorating our core profit driving business — powered by our strongest dealers, most exciting products and careful inventory management, while focusing on the most important opportunities for future expansion,” Chief Executive Jochen Zeitz said in a statement. The plan includes 700 job cuts that were previously announced and a streamlining of motorbike models by about 30%. The company will focus on about 50 markets in North America, Europe and Asia Pacific that currently account for most of its volume and growth potential. The company is planning a marketing campaign featuring “Aquaman” actor Jason Momoa. The company expects too save $250 million

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Harley-Davidson Racks Up Buy Ratings on Bets New CEO Can Turn Things Around

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by Christiana Sciaudone from https://www.investing.com/ Harley-Davidson (NYSE:HOG) has swayed yet another analyst that a turnaround will bear fruit. Shares are up 4.5% on Wednesday after UBS followed BMO Capital in upgrading the motorcycle maker. UBS bumped its rating to buy from neutral and gave Harley-Davidson a price target of $31, Seeking Alpha reported. The average price target of analysts tracked by Investing.com is $26.75. The stock has seven buys, 10 holds and one sell. It was trading around $28.60 during the morning session. On Tuesday, BMO raised HOG to outperform from market perform and boosted its price target to $33 from $23, MarketWatch reported. New Chief Executive Officer Jochen Zeitz, named in May, is expected to drive much-needed change at the company. Shares are trading at a price-to-earnings ratio of 11, versus 16 for the average long-term ratio of the Dow Jones, according to data compiled by Investing.com and Zacks Investment Research. Last week, Harley-Davidson said it would cut 700 positions across global operations, with about 500 expected to exit in 2020. The chief financial officer also exited the company at the time. Harley-Davidson said it is overhauling its global operating model to become a “leaner, more nimble” organization. Harley-Davidson’s stock surges toward a 4-month high after Morgan Stanley raises rating, price target by Tomi Kilgore from https://www.marketwatch.com Shares of Harley-Davidson Inc. HOG, +5.51% shot up 4.8% toward a four-month high in morning trading Wednesday, after UBS analyst Robin Farley turned bullish on the motorcycle maker, citing an upbeat outlook on margins over the next couple years. Farley raised his rating to buy, after being neutral for at least the past three years, and raised his stock price target to $31 from $24. He said he believes Harley could help boost margins by eliminating growth initiatives, as they were losing

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Harley-Davidson appoints Jochen Zeitz as President & CEO: New plan to redefine brand

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by Rahul Kapoor from https://www.financialexpress.com With Matt Levatich stepping down, Harley Davidson had appointed Jochen Zeitz to lead the brand in the interim. But Zeitz has now been appointed as the president and CEO for the Milwaukee based motorcycle manufacturer. Harley-Davidson, the iconic American motorcycle brand has elevated interim President and CEO Jochen Zeitz as the new President and CEO of the company. Zeitz was appointed into the interim position after the former head of the brand Matt Levatich stepped down after a dismal sales performance of the brand that it witnessed in recent years. Zeitz who is currently the chairman of the board of Harley-Davidson brings his experience as the CEO of the sports apparel and goods brand Puma to the role. He also has plans to restructure the company and also redefine Harley Davidson. In a press statement, Zeitz said “Over the next few months, we will re-wire the business and redefine a new 5-year strategic plan later this year. I will then oversee the implementation of these changes and re-ignite Harley-Davidson as one of the most revered and iconic brands in the world,” Zeitz is working towards an all-new brand strategy called “The Rewire” that would allow Harley-Davidson to enter new markets and segments as well. The plan is said to develop further in the coming months which will incorporate key products, and initiatives from the current ongoing strategy for the brand, but with a key focus on markets and products that can help drive profits and growth. Harley-Davidson has found the last few years to be difficult in terms of unit sales. This has been more prominent in its home market – the USA as the modern consumers have moved away from heavyweight cruisers to adventure touring models or ADVs. Zeitz has been on the board

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Harley-Davidson to hold virtual annual meeting, acting CEO says More Roads plan is working

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by Margaret Naczek from https://www.bizjournals.com Amid the instability of the COVID-19 pandemic, Harley-Davidson Inc.’s acting president and CEO Jochen Zeitz reflected back on the advancements made in the More Roads to Harley-Davidson strategy in 2019. 2020 already was a pivotal year in the company’s strategic plan to grow more riders and expand dealership reach, but the year became a lot more crucial as the Harley-Davidson (NYSE: HOG) looks to also overcome the difficulties during a pandemic. With concerns over public health and travel restrictions, Harley-Davidson organized its 2020 annual shareholders meeting to be conducted virtually via a live audio webcast on May 21, 2020. The annual meeting will elect nine directors to the board, approve the compensation of the company’s executive officers, approve amendments to the company’s restated articles of incorporation, approve the company’s 2020 incentive stock plan and ratify the selection of Ernst & Young LLP as Harley-Davidson’s independent registered public accounting firm. “As we embark on our next chapter and seek new leadership, we are steadfast in our belief that we have both much to be proud of and much to look forward to,” Zeitz said in his letter to shareholders. On Feb. 28, Harley-Davidson announced former CEO Matt Levatich had stepped down and Zeitz would assume the role of acting president and CEO. The company is currently engaged in a search for new CEO. In his letter to shareholders, Zeitz shared some of the company’s accomplishments in 2019. While U.S. motorcycle sales continue to decline over consecutive quarters, Zeitz noted that in 2019 the rate of decline significantly tempered. “After four years of accelerating declines, such improvement was supported by our More Roads actions, notably in how we’re Amplifying our Brand and delivering on our New Products catalysts for growth,” Zeitz said in the letter. Recommended Some

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Harley-Davidson grants board seat to investor Impala

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#by Svea Herbst-Bayliss from https://www.reuters.com/ (Reuters) – Harley-Davidson Inc (HOG.N) said on Monday it settled a board fight with Impala Asset Management just days after the investor began pressing to replace two directors at America’s oldest and best-known motorcycle maker. An independent director, mutually agreed on by Impala and Harley, will join the board after the company’s annual meeting, which was held in May last year, and before July 31. Impala, which owns roughly 2% of Harley’s stock, nominated two directors two weeks ago as the $2.8 billion hedge fund wanted the iconic American brand to return to its roots after focusing on electric motorcycles and concentrate on its core riders. It had criticized the company for losing market share and for being slow to fix poor returns. In January it pushed for the ouster of Chief Executive Matt Levatich. He resigned in February after five years as CEO during which the company lost more than half of its value. On Monday, the two sides cast aside some differences as the coronavirus outbreak makes it tougher for companies to stay in business and falling stock prices are hurting many investors. Harley and Impala entered the “agreement in the spirit of cooperation during trying times, viewing it as a necessity to move forward,” the company said in a regulatory filing. The $2.7 billion company’s stock fell 4.38% on Monday to $17.02, having tumbled some 50% since the start of the year. Two weeks ago Impala nominated former auto industry executive Brent Dewar and Leo Hindery, Jr., who has public board experience, as directors to Harley’s nine member board. Now neither will be considered for the board seat, according to the agreement. Impala will not be allowed to suggest someone working for the fund for the board seat. Impala is run by

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Harley-Davidson’s acting CEO Zeitz sees potential to revitalize motorcycle brand

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Following a tough fiscal 2019 where U.S. Harley-Davidson motorcycle sales were the lowest in at least 16 years, the Milwaukee manufacturer announced Feb. 28 that Matthew Levatich stepped down as president and CEO. Current Harley-Davidson (NYSE: HOG) board member Jochen Zeitz will serve as acting president and CEO. Harley-Davidson appoint Jochen Zeitz as president and CEO Jochen Zeitz also served as the chairman and CEO of the sporting goods company, Puma from 1993 to 2011. Harley-Davidson board of directors have appointed Jochen Zeitz as acting president and CEO; Matthew Levatich steps down. American bike maker, Harley-Davidson announced that the board of directors have appointed present board member, Jochen Zeitz as acting president and CEO. Matthew Levatich has stepped down from his role as the president and CEO and as a member of the board. Speaking on his new role, Jochen Zeitz said, “The Board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson. Levatich was instrumental in defining the More Roads to Harley-Davidson accelerated plan for growth, and we will look to new leadership to recharge our business. On behalf of the Board, I would like to thank Matt for his 26 years of service to Harley-Davidson. He has worked tirelessly to navigate the company through a period of significant industry change while ensuring the preservation of one of the most iconic brands in the world.” Furthermore, a board committee is being formed, and the OEM will use an external search firm to find a new CEO. Levatich will be assisting the transition through the end of March. As part of this leadership change, Zeitz has also been named chairman of the Board and will remain chairman once the new CEO is appointed. The current chairman of the Board, Michael Cave will be the presiding

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Harley-Davidson CEO to leave struggling motorcycle maker

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MILWAUKEE (AP) — Harley-Davidson CEO Matthew Levatich is leaving the struggling motorcycle maker. The Milwaukee company announced Friday that Levatich will leave his post and seat on Harley’s board of directors. Board member Jochen Zeitz will become acting president and CEO while a board search committee is formed and Harley hires an outside search firm to fill the job. “The Board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson,” Zeitz said in a prepared statement. Harley has been struggling with declining sales in the U.S., its biggest market, as it tries to adapt to an aging customer base while looking to expand markets overseas. The announcement of the leadership change, made after the markets closed, pushed Harley’s shares up 5% in after-hours trading. They had fallen 2.3% with the broader markets during the trading day. Harley’s closing share price Friday was down 18% for the year. Harley reported a net profit of $423.6 million in 2019, but it made only $13.5 million in the fourth quarter. The company said Levatich will stay on through March to assist with the transition. Zeitz also was named board chairman, replacing Michael Cave, who becomes presiding director. He said the board is confident that its leadership experience and understanding of the company will bring an effective transition.

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Electric vehicles won’t be mainstream, says Honda CEO

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from https://auto.economictimes.indiatimes.com Commenting about Honda’s electrification strategy, Honda CEO said the brand will focus on petrol-electric hybrids, not BEVs, through 2030. Electric vehicles won’t be mainstream, despite the push from the governments and the auto manufacturers across the world towards e-mobility, claims a media report quoting Honda CEO Takahiro Hachigo. The report further quotes Hachigo saying, “The hurdles to battery electric vehicles and complete autonomous driving are still quite high.” Commenting about Honda’s electrification strategy, he said the brand will focus on petrol-electric hybrids, not BEVs, through 2030. Also, he said Honda will prioritize incremental advances that offer real-world safety at affordable prices, instead of fancy functions and pricy lidar systems, claims the report. Honda aims to be more realistic instead of competing with rivals brands when it comes to electric vehicles and autonomous driving technology. Hachigo further said, “I do not believe there will be a dramatic increase in demand for battery vehicles, and I believe this situation is true globally. There are issues with infrastructure and hardware.” He also added, “There are different regulations in different countries, and we have to abide by them. So, it’s a must to continue R&D. But I don’t believe it will become mainstream anytime soon.”

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Siddhartha Lal exits Royal Enfield as Eicher seeks to shed ‘family-run’ tag

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Siddhartha Lal has appointed Vinod Dasari as Royal Enfield CEO and will support him only on product and brand-related areas The move has striking similarities to his father Vikram Lal’s decision to step away from Eicher Motors more than two decades ago Mumbai: Twenty-two years after Eicher Motors Ltd founder and former chief executive officer (CEO) Vikram Lal gave up his executive powers to let professionals run the company, his son Siddhartha Lal has initiated a similar transition. Lal junior has appointed Ashok Leyland Ltd’s Vinod Dasari as the CEO of the company’s motorcycle brand Royal Enfield. Lal is also giving up his executive responsibilities at Royal Enfield to ensure that Dasari gets a free hand in running the company. The move has striking similarities with the decision made by his father. In 1997, Vikram Lal had stepped down as chairman of Eicher Motors and had elevated Subodh Bhargava as the group’s CEO and chairman. Subsequently, Vikram Lal had joined a newly formed supervisory board to monitor the operations of the group. However, within a few years, Siddharth Lal had taken over the reins at Royal Enfield, which was then on the verge of closure, and revived it. In doing so, Lal also established his grip on the remaining group businesses and consolidated them under two verticals: motorcycles and commercial vehicles. Lal will continue to be the managing director of the parent company for now. “To achieve our audacious goal of 2030, to catalyse and reshape the world of motorcycling towards middle-weights, thereby growing at twice the pace of the industry, I believe that we now need to run the company differently. While I have thoroughly enjoyed being at the helm of Royal Enfield for a large part of the 20 years that I have spent here, I believe I

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