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Sep 21
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Harley-Davidson Announces New Chief Financial Officer

By General Posts

 

from https://motorcycles.einnews.com

/EIN News/ — Milwaukee, Sept. 21, 2020 (GLOBE NEWSWIRE) — Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE:HOG) announced that Gina Goetter, a top finance executive at Tyson Foods, will join the company as Chief Financial Officer, effective September 30.

Goetter has more than twenty years of experience driving strong financial and operational results and leading transformational change. Most recently, she served as Senior Vice President and CFO of Tyson Foods’s prepared foods segment, where she led the reinvention of the segment’s business model to stabilize cash flow and right-size the cost structure. Prior to Tyson Foods, Goetter held various global leadership positions with General Mills, Inc., where she led business model re-engineering and optimized procurement strategies and logistics. Goetter earned a Bachelor of Science in Finance and Economics from the University of Wisconsin – La Crosse and an MBA with a dual concentration in Finance and Marketing from Boston College.

“Gina is a CFO with the experience to drive a transformation of core processes and reporting for improved operational efficiency, build a global shared services model and modernize accounting and controls,” said Jochen Zeitz, chairman, president and CEO of Harley-Davidson. “She will add to the fresh perspectives and new capabilities now represented at the leadership level that complement the experienced talent that has been promoted from within. We have a diverse management team structured in a new way that is designed to fuel Harley-Davidson’s brand desirability and lead Harley-Davidson as a high-performing organization.”

Darrell Thomas, who assumed the role of interim CFO, will continue as Vice President and Treasurer.

The company is currently continuing through The Rewire, Harley-Davidson’s efforts to, among other things, overhaul its operating model. The Rewire is planned to continue through the end of 2020, leading to The Hardwire, a new strategic plan for 2021-2025.

Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Since 1903, Harley-Davidson has defined motorcycle culture with an expanding range of leading-edge, distinctive and customizable motorcycles in addition to riding experiences and exceptional motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get Harley-Davidson riders on the road. Learn more at www.harley-davidson.com.

Cautionary Notes Regarding Forward-Looking Statements

The company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this release. The risks and uncertainties that could cause actual results to materially differ from these statements include, among others, the Company’s ability to create and execute its business plans and strategies and strengthen its existing business while allowing for desirable growth and the COVID-19 pandemic, including the length and severity of the pandemic across the globe and the pace of recovery following the pandemic, as well as matters noted by the company in its filings with the SEC including but not limited to those described under “ Item 1A. Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2019 and in Part II, Item 1A of the subsequently filed Quarterly Reports on Form 10-Q. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Jun 14
Love0

Warren Buffett loaned $300 million to Harley-Davidson during the financial crisis

By General Posts

by Theron Mohamed from https://www.yahoo.com

Warren Buffett loaned about $300 million to Harley-Davidson during the financial crisis.

“It was the bridge we needed to get us through a rough time,” the motorcycle maker’s finance chief said in 2014.

Buffett’s Berkshire Hathaway probably netted about $150 million in profit from the five-year loan, but could have made more than $1 billion if it had invested $300 million in Harley-Davidson stock over the same period.

“I knew enough to lend them money; I didn’t know enough to buy the equity,” Buffett later explained.

Warren Buffett loaned a little over $300 million to Harley-Davidson in February 2009, when the famous motorcycle maker was reeling from a one-two punch of weaker demand and a cash crunch during the financial crisis.

A few weeks earlier, Harley-Davidson unveiled a three-part plan to weather the downturn: invest in its brand, cut costs, and find the money to cover its financing division’s roughly $1 billion in yearly costs.

The first two elements translated into targeting younger and more diverse riders; closing plants, combining operations, and outsourcing some distribution; and laying off about 1,100 employees or about 12% of its workforce.

However, paralyzed credit markets made it tricky to fulfill the third part of the plan. The company ultimately decided to borrow from its largest shareholder, Davis Selected Advisers, as well as Buffett’s Berkshire Hathaway.

The pair effectively loaned it a combined $600 million for five years at a hefty 15% annual interest rate.

“It was the bridge we needed to get us through a rough time,” Harley-Davidson’s finance chief, John Olin, told Fortune magazine in 2014.

The group needed the cash to continue offering financing to motorcycle dealerships and retail customers, and to keep its production lines humming, Olin continued.

The high-interest loan was its only option to borrow money without giving up a stake in the company, he added.

Buffett struck a bunch of similar deals during the crisis. For example, he invested $5 billion in Goldman Sachs and $3 billion in General Electric in the fall of 2008.

“Credit remained virtually nonexistent,” Alice Schroeder said about that period in “The Snowball: Warren Buffett and the Business of Life.”

“Buffett lent at interest rates that in some instances bordered on usurious.”

The famed investor also showed his ruthlessness by refusing Harley-Davidson’s request to repay its loan early. Berkshire said it was happy with the agreed terms, the company told Fortune.

Buffett likely netted a healthy $150 million in profit from the loan. However, he could have raked in upwards of $1 billion by investing the $300 million in Harley-Davidson stock instead, as its shares more than quadrupled in value between 2009 and 2014.

A shareholder asked Buffett why he opted for debt instead of equity during Berkshire’s annual meeting in 2010.

“I knew enough to lend them money; I didn’t know enough to buy the equity,” the investor replied.

“I kind of like a business where your customers tattoo your name on their chest,” he continued. “But figuring out the economic value of that … I’m not sure even going out and questioning those guys I’d learn much from them.”

Buffett made the loan because he was confident at the time that “a) Harley-Davidson was not going out of business, and that b) 15% was going to look pretty damned attractive.”

Berkshire made “very good money” by making a simple judgement that the company wouldn’t go broke and lending it money, Buffett said at the meeting.

Buying its stock would pose tougher questions such as whether the motorcycle market would shrink or Harley-Davidson’s margins would suffer from the downturn, he added.

Crisis deals such as the Harley-Davidson loan also showed how Berkshire policy of keeping some cash in the bank and never going all in on stocks can pay off handsomely, Buffett argued.

“We felt very good about where that philosophy left us,” he said. “We actually could do things at a time when most people were paralyzed, and we’ll keep running it that way.”

Apr 18
Love0

Harley-Davidson finance exec to take over global sales function

By General Posts

from https://www.newsbreak.com

Milwaukee-based Harley-Davidson Inc. has promoted Larry Hund to chief commercial officer of Harley-Davidson Motor Co., giving him responsibility for the motorcycle maker’s global sales function.

Larry Hund is the President and Chief Operating Officer of Harley-Davidson Financial Services (HDFS), a wholly-owned subsidiary of Harley-Davidson, Inc.

A 30-year financial services veteran, Hund held a wide range of executive roles throughout his career. Upon joining HDFS in 2002, Hund served as Vice President of Operations and Chief Financial Officer and was also Interim Chief Operating Officer from July 2006 to January 2007.

Hund left HDFS in 2007 to join a start-up finance company and rejoined HDFS in June 2009.

Earlier, he spent 17 years at Heller Financial, Inc., and in the six years prior to Heller’s purchase by GE Capital served as Executive Vice President and Controller.

Hund is a Certified Public Account, earned a Bachelor of Business Administration degree in Accounting from Chicago’s Loyola University and a Master of Business Administration degree from the University of Chicago. He serves as a member of the Board of Directors of the American Financial Services Association.

Feb 04
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Kawasaki Announces New Agreement with Roadrunner Financial to Offer Financing for Credit Builders and First-Time Buyers

By General Posts

Foothill Ranch, Calif. – Kawasaki Motors Corp., U.S.A. is pleased to announce a new financing agreement with Roadrunner Financial to offer competitive near-prime loans to Credit Builders with 550-660+ FICO scores. Roadrunner delivers a revolutionary lender experience through digital applications with instant decisions, comprehensive credit coverage, and unbeatable dealer and customer support.

Kawasaki joins a group of Powersports and Outdoor Power Equipment partners that utilize Roadrunner Financial to bring great finance offers to their customers. The relationship with Kawasaki allows Roadrunner to offer an enhanced program with improved near-prime rates with no fees for dealers.

“Roadrunner Financial is a key addition for Kawasaki and our dealers” said Kawasaki Senior Vice President, Sales and Operations Bill Jenkins. “The focus on a near-prime credit program will offer dealers new opportunities for financing customers on Kawasaki powersports products.”

“Roadrunner will give Kawasaki dealers a new tool to close deals that would usually walk out the door.” When asked about the new financing agreement, Jon Vestal, VP of Sales at Roadrunner Financial said, “We’re very excited to strengthen our relationship with Kawasaki. By targeting near-prime, we plan to deliver significant incremental sales for Kawasaki in 2020 and beyond.”

This new Kawasaki program from Roadrunner Financial will be available to Kawasaki dealers starting March 1st, 2020.

About Roadrunner Financial:
Roadrunner Financial offers financing for customers across the entire credit spectrum. Roadrunner’s credit program suite includes ‘Roadrunner Prime’, ‘Roadrunner Credit Builder’ for customers down to 550 FICO, a first-time buyer program, ‘Roadrunner Lease’, and a pre-owned vehicle program.

Founded in 2016 and based in New York, Roadrunner helps dealers finance more customers by taking the traditional hassles of lending and replacing them with one seamless process that can take as little as a few minutes. Roadrunner’s unique financing experience offers instant decisions, electronic contracting, and financing for more than 10,000 vehicles across 40+ Powersports & Outdoor Power Equipment (OPE) OEMs. For more information, please visit www.roadrunnerfinancial.com.

ABOUT KAWASAKI
Kawasaki Heavy Industries, Ltd. (KHI) started full-scale production of motorcycles over a half century ago. The first Kawasaki motorcycle engine was designed based on technical know-how garnered from the development and production of aircraft engines, and Kawasaki’s entry into the motorcycle industry was driven by the company’s constant effort to develop new technologies. Numerous new Kawasaki models introduced over the years have helped shape the market, and in the process have created enduring legends based on their unique engineering, power, design and riding pleasure. In the future, Kawasaki’s commitment to maintaining and furthering these strengths will surely give birth to new legends.
Kawasaki Motors Corp., U.S.A. (KMC) markets and distributes Kawasaki motorcycles, ATVs, side x sides, and Jet Ski® watercraft through a network of almost 1,100 independent retailers, with close to an additional 7,400 retailers specializing in general purpose engines. KMC and its affiliates employ nearly 3,100 people in the United States, with approximately 250 of them located at KMC’s Foothill Ranch, California headquarters.
Kawasaki’s tagline, “Let the good times roll.®”, is recognized worldwide. The Kawasaki brand is synonymous with powerful, stylish and category-leading vehicles. Information about Kawasaki’s complete line of powersports products and Kawasaki affiliates can be found on the Internet at www.kawasaki.com.

Mar 18
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U.S.A. Now Has More Millionaires Than Sweden Has People

By General Posts
FROM: www.FunTagger.com Tag - Good news

FROM: www.FunTagger.com Tag – Good news

FROM: www.FunTagger.com Tag – Good news

USA continues to prove that it is indeed the “Land of Opportunity” – “The Promised Land” – a place where anyone with true enterprise can achieve “The American Dream”.

The number of wealthy households in the U.S. reached a new high last year, roughly equivalent to the entire population of Sweden or Portugal.

More than 10.2 million households had a net worth of $1 million to $5 million, not including the value of their primary residence, according to a survey by the Spectrem Group. That’s an increase of 2.5 percent from 2017.

READ News Story at: FunTagger.com by Clicking here

Feb 26
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Vanderhall Chooses Synchrony For Consumer Financing Options

By General Posts

VANDERHALL MOTOR WORKS CHOOSES SYNCHRONY FOR CONSUMER FINANCING OPTIONS
Fast-Growing Vehicle Manufacturer Looks To Leverage Synchrony’s Financial Tools

Vanderhall Motor Works today announced it has secured an agreement for Synchrony (NYSE: SYF) to provide consumer financing in the U.S. As the preferred financing partner for Vanderhall, Synchrony will provide the company’s fast-growing U.S. dealer network with financing options for the Vanderhall lineup, including the brand-new Carmel Roadster and all-electric Edison². Dealers will have access to a variety of Synchrony’s financial tools, including the Installment Loan Estimator — which can help consumers with financing decisions.

“Synchrony will provide our dealer network with promotional financing options to our retail consumers,” said Jeff Whaley, vice president of Sales and Operations for Vanderhall. “Our new partnership will play a huge roll in our immediate growth in the autocycle arena. We are going to roll out some very aggressive financing offers to our retail consumers, and Synchrony provides all the tools that our dealers need to be successful.”

For more information or to locate your closest dealer, please visit Vanderhall Motor Works Inc. at vanderhallusa.com

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $140 billion in sales financed and 80.3 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to improve the success of every business we serve and the quality of each life we touch. More information can be found at www.synchrony.com and through Twitter: @Synchrony.

About Vanderhall
Vanderhall Motor Works delivers the feel of yesteryear with modern performance in a unique package. The aim of our products is to remain timeless while appealing to the Sunday cruiser and aggressive canyon carving driver alike. Our roadsters accomplish this with style and presence that leaves driver and passenger alike yearning for their next outing. Manufactured in Provo, Utah with passion and a nod to the past. We invite you to fall in love with the road again: Vanderhallusa.com #theroadiscalling.