Matt Levatich, CEO of Harley-Davidson Motor Co.
Adam Jeffery | CNBC
Harley-Davidson CEO Matthew Levatich is leaving the battling motorcycle maker.
The Milwaukee company announced Friday that Levatich will go away his publish and seat on Harley’s board of administrators.
Board member Jochen Zeitz will turn out to be acting president and CEO though a board lookup committee is shaped and Harley hires an exterior lookup business to fill the job.
“The Board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson,” Zeitz mentioned in a geared up assertion.
Harley has been having difficulties with declining gross sales in the U.S., its most significant market place, as it attempts to adapt to an aging consumer foundation even though seeking to broaden markets abroad.
The announcement of the leadership adjust, designed soon after the markets closed, pushed Harley’s shares up 5% in right after-several hours investing. They had fallen 2.3% with the broader marketplaces during the trading day.
Harley’s closing share price Friday was down 18% for the 12 months.
Harley described a net gain of $423.6 million in 2019, but it made only $13.5 million in the fourth quarter.
The business said Levatich will keep on through March to support with the transition.
Zeitz also was named board chairman, replacing Michael Cave, who will become presiding director. He explained the board is self-confident that its leadership expertise and comprehending of the enterprise will carry an productive changeover.