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Jochen Zeitz

Dec 14

Harley’s electric motorcycle division to go public via $1.7 billion SPAC deal

By General Posts

from https://www.cnbc.com/

Key Points :

  • Harley-Davidson’s electric-motorcycle division will go public through a merger with a blank-check firm in a deal valued at $1.77 billion, the company said on Monday.
  • The company launched LiveWire earlier this year, hoping to claw back lost market share as its core baby boomer customer base grows older and interest in motorcycling as a recreational activity fades.
  • Harley-Davidson will retain a 74% stake in the company, which is expected to list on the New York Stock Exchange under the symbol “LVW.”

Harley-Davidson’s electric-motorcycle division will go public through a merger with a blank-check firm in a deal valued at $1.77 billion, the company said on Monday, as the 118-year old brand bets on younger customers to boost volumes.

The company launched LiveWire earlier this year, hoping to claw back lost market share as its core baby boomer customer base grows older and interest in motorcycling as a recreational activity fades.

A broader awareness about climate change is also paving the way for automakers to lean towards greener vehicles. Valuations have gained as money managers are also increasingly factoring in ESG policies in their investments.

Harley is the latest to cash in on an uptick in valuations of electric-vehicle makers. Last month, Amazon-backed EV maker Rivian shot past $100 billion in valuation in its market debut, surpassing Ford and General Motors.

“If anything this underlines what we’ve been saying for a long time. Detroit, wake up! The train has left the station! EVs are inevitable,” Roth Capital analyst Craig Irwin said.

“Many traditional OEMs (Original equipment manufacturers) with emerging EV businesses can obviously do similar spinoff transactions,” Irwin added.

Harley’s shares rose 11.3% in premarket trading, while those of AEA-Bridges were up 3.4%.

Jochen Zeitz, Harley’s chief executive, will be the chairman of LiveWire for up to two years following the completion of the deal. In an investor presentation, LiveWire projected units sales volume of 100,961 electric bikes by 2026.

Harley-Davidson will retain a 74% stake in the company, which is expected to list on the New York Stock Exchange under the symbol “LVW.” ABIC’s shareholders will own about 17%.

May 09

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

By General Posts

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 of directors of the Harley-Davidson since 2007 and has served as the chairman and CEO of Puma from 1993 to 2011, and CFO from 1993 to 2005.

Mar 02

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

By General Posts

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 director.

Zeitz added, “The Harley-Davidson Board and leadership team will continue to work closely together as we search for a new CEO. We have confidence that our combined leadership experience and deep understanding of Harley-Davidson will ensure an effective transition. As a passionate Board Member of Harley-Davidson, I look forward to continuing to work with my colleagues and other Harley-Davidson stakeholders to advance and deliver the company’s strategy and execution during this important time.”

Zeitz has been a member of the Harley-Davidson Board of Directors since 2007 and established the company’s Brand and Sustainability Committee. “I am very fortunate to have spent many years with a company as revered as Harley-Davidson,” Levatich pointed out. “The grit and determination of the employees and dealers and their passion for bringing our brand of freedom to people around the world has always been inspiring. I am proud of what we have achieved during my time as CEO, in one of the most challenging periods in our history, and I am confident that the progress we have made on the More Roads plan will position Harley-Davidson for long-term success.”

Jochen Zeitz also served as the chairman and CEO of the sporting goods company Puma from 1993 to 2011. He was also Puma’s CFO from 1993 to 2005. Zeitz served as a director of luxury goods company, Kering (formerly PPR) from 2012 to 2016. He was a member of Kering’s Executive Committee and CEO of its Sport and Lifestyle division between 2010 and 2012. Zeitz is also a board member of the Cranemere Group and is on the Board of the ‘B Team’ which he co-founded with Sir Richard Branson.