Major Harley-Davidson shareholder seeks board shake-up

H Partners is preparing to urge shareholders to remove three longstanding directors from Harley's board

- Lauren Thomas & John Keilman

A major Harley-Davidson shareholder is preparing to launch a fight to shake up the motorcycle maker's board and quickly replace its chief executive in the face of deteriorating sales, according to people familiar with the matter.

The investment firm H Partners, which has a roughly 9% stake in Harley-Davidson, is preparing to urge shareholders to remove three longstanding directors from Harley's eight-member board at the annual meeting in mid-May, the people said. H Partners is also calling for Jochen Zeitz to step down immediately as Harley's chief executive officer and not stand in the way of the company's recruiting an external replacement, the people added. The firm is focused on the next CEO's ability to connect with customers and dealers, they said.

Harley said last week that it was seeking a new CEO as Zeitz plans to retire after five years on the job. Harley said it retained an executive search firm in late 2024 after Zeitz expressed interest in retiring. Zeitz is expected to remain in his position until a successor is chosen.