Harley-Davidson replaces CEO as motorcycle maker’s struggles continue

MILWAUKEE — Harley-Davidson CEO Matthew Levatich is leaving the struggling motorbike maker. The Milwaukee corporation…

MILWAUKEE — Harley-Davidson CEO Matthew Levatich is leaving the struggling motorbike maker.

The Milwaukee corporation declared Friday that Levatich will depart his put up and give up his 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 formed and Harley hires an outdoors lookup firm to fill the work.

“The Board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson,” Zeitz explained in a geared up statement.

Harley has been struggling with declining profits in the U.S., its most important industry, as it tries to adapt to an ageing client base though seeking to grow marketplaces abroad.

The announcement of the leadership change, produced immediately after the marketplaces shut, pushed Harley’s shares up five% in immediately after-several hours trading. They had fallen two.3% with the broader marketplaces throughout the trading working day.

Harley’s closing share value Friday was down 18% for the year.

Harley claimed a web financial gain of $423.6 million in 2019, but it produced only $thirteen.five million in the fourth quarter.

The corporation explained Levatich will continue to be on by way of March to help with the changeover.

Zeitz also was named board chairman, changing Michael Cave, who results in being presiding director. He explained the board is self-confident that its leadership practical experience and comprehension of the corporation will provide an productive changeover.

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