Impala

Harley-Davidson grants board seat to investor Impala

#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 faces proxy fight with investor Impala

by Svea Herbst-Bayliss from https://www.reuters.com The $2.8 billion hedge fund run by Robert Bishop, which owns 1.9 million Harley shares, or 1.2% of the company, has nominated former auto industry executive Brent Dewar and Leo Hindery, Jr., who has public board experience, as directors to Harley’s nine-member board. BOSTON: Harley-Davidson Inc faces a battle with one of its investors after Impala Asset Management said on Wednesday it will try to install two directors at America’s oldest and best-known motorcycle maker. The $2.8 billion hedge fund run by Robert Bishop, which owns 1.9 million Harley shares, or 1.2% of the company, has nominated former auto industry executive Brent Dewar and Leo Hindery, Jr., who has public board experience, as directors to Harley’s nine member board. Harley has rejected the two men, saying in a filing that they would not bring fresh skills and declining to settle with Impala when the hedge fund first approached the company about new nominations to the board. Impala has criticized the company for losing market share and the board for being slow fixing poor returns. It also pushed for the ouster of former CEO Matt Levatich in January. “Impala approached the Board and advocated for the removal of then-CEO Levatich and a modest refresh of the Board itself. We believed then, and still believe, that the Company underperformed its potential under Mr. Levatich and that the Board should have taken action on its own,” the hedge fund said in a filing. Harley tapped long-time board member Jochen Zeitz as interim CEO on Feb. 28. A German passport holder, Zeitz’s appointment came just days before U.S. President Donald Trump banned some travel from Europe amid the spread of the coronavirus that has sent markets reeling and killed more than 8,700 people so far. The motorcycle maker said

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