- H Partners Management, holding 9.1% of Harley-Davidson (HOG, Financial), launches a withhold campaign to remove CEO and Chairman Jochen Zeitz and two other directors at the 2025 Annual Meeting.
- The activist investor highlights severe underperformance of HOG stock, citing a 104% underperformance relative to the S&P 500 and an $1.8 billion market value decline since February 2020.
- Dealer sentiment is reportedly at a decade-long low, with calls for CEO Zeitz's removal due to management issues and brand mismanagement.
H Partners Management, a major shareholder with a 9.1% stake in Harley-Davidson (HOG), has initiated a campaign to withhold votes for the re-election of three directors, including CEO and Chairman Jochen Zeitz, during the company's 2025 Annual Meeting. The campaign also targets Presiding Director Thomas Linebarger and long-tenured director Sara Levinson.
Central to H Partners' campaign are concerns over Harley-Davidson’s poor stock performance, which has underperformed the S&P 500 by 104% and the S&P 400 Consumer Discretionary Index by 81% since Zeitz assumed his role in February 2020. This underperformance is linked to a $1.8 billion decrease in market value.
Further fueling the campaign is dealer sentiment, which is reportedly at its lowest point in nearly a decade. Dealers have expressed a lack of confidence in management, attributed to brand mismanagement and declining dealer profitability. In light of these issues, H Partners is advocating for Zeitz's immediate removal, the installation of an interim internal leader, and the appointment of a new external CEO.
In support of their campaign, H Partners has established a website, www.FreeTheEagle.com, to provide updates and additional information. Shareholders are urged to await H Partners' BLUE proxy card prior to making any voting decisions.
