Case For Change

H Partners, a long-term investor, believes change is urgently needed at Harley-Davidson

The Current Situation: What Has Happened At Harley-Davidson

H Partners, one of the largest shareholders of Harley-Davidson, has launched a withhold campaign to remove three entrenched directors of Harley-Davidson in light of the severe underperformance, shareholder value destruction and cultural depletion that has occurred at the Company under their leadership.

MAJOR EXECUTION ISSUES

SHAREHOLDER VALUE DESTRUCTION

POOR PERFORMANCE

LOW DEALER SENTIMENT

FAILED HARDWIRE STRATEGY

INABILITY TO COURSE-CORRECT

The Solution: How to Return Harley-Davidson to Greatness

H Partners has taken the following three steps in order to put H-D back on the path to success:

  1. H Partners has filed a preliminary proxy statement with the SEC to solicit fellow shareholders to vote WITHHOLD on the election of Mr. Zeitz (CEO, Chairman, and a Board member for 18 years), Mr. Linebarger (Presiding Director and Board member for 17 years) and Ms. Levinson (Board member for 29 years).
    • In H Partners' view, these seemingly out-of-touch directors must be removed from the boardroom so that H-D can once again advance the interests of all of the Company’s stakeholders.
  2. H Partners is calling on the Board to immediately remove Mr. Zeitz as CEO and install an internal senior leader as interim CEO on a short-term basis until an external, permanent CEO is selected.
    • H Partners believes it defies logic for Mr. Zeitz, an outgoing CEO with a poor track record at H-D, to make any key decisions that impact the Company’s future.
  3. H Partners is calling on shareholders to send a clear message to the Board that the status quo is unacceptable, and that a new, external CEO should be appointed to renew Harley-Davidson.
    • H Partners believes it is imperative to find a leader who will repair the relationship with dealers, engage with riders, respect and strengthen the brand, improve the corporate culture, restore the physical presence of the Company at its historic Milwaukee headquarters, and return H-D to greatness.

Further information regarding the above is available in H Partners' definitive proxy statement, which can be found here.

Learn more about H Partners’ plans to restore Harley-Davidson to greatness
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