Harley-Davidson Stock Hits 2-Month High Amid ‘Rigorous Search’ For New CEO

Shares of Harley-Davidson Inc. rose to a nearly two-month high on Monday after the company said that its "rigorous search process" for a new CEO continues at pace. 

The stock gained 2.6% on Monday to close at $25.35.

The company also confirmed the election of all nine director nominees at its 2025 Annual Meeting of Shareholders.

This development follows a contentious proxy battle initiated by activist investor H Partners, which holds about 9% of Harley-Davidson's shares.

H Partners launched a campaign against CEO Jochen Zeitz and two board members because of concerns about the company's financial performance and declining sales.

Shareholders chose not to approve the removal proposal, which enabled the current board to oversee operations and handle CEO succession planning.

Shareholders voted on May 14 to keep Zeitz, Linebarger, and Levinson on board after nearly 48% of shares withheld support from Zeitz and only around 40% withheld support from the other two directors.

Harley-Davidson bylaws demand that directors step down if they receive more than 50% withheld votes.

H Partners noted that the proxy campaign initiated a forward-looking direction for the company, while the vote's results indicated the necessity for organizational change.

The board's win ensures it maintains authority to choose the next CEO. 

Zeitz, who took on the CEO role in 2020 and joined the board in 2007, shared his retirement plans in April.

H Partners launched a proxy battle, using public filings and heated exchanges to criticize current leadership for declining sales figures, stock prices, and cultural problems.

The company claimed that the activist investor started the campaign because they were angry after the board did not choose their preferred CEO candidate. 

The campaign gained backing from multiple Harley dealers who helped spread a spoof video that targeted Zeitz.

Harley pointed out its superior performance relative to other companies while stating that the proxy fight disrupted their CEO search process.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘normal’ message volume.

The stock has declined nearly 14% so far in 2025.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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