Purple Chip Capital Supports H Partners' Campaign for Change at Harley Davidson, Announces Intent to WITHHOLD its Votes at 2025 Annual Meeting of Shareholders
Calls out Disconnected Board of Directors and Misaligned Strategic Direction
CANTON, Ga., April 29, 2025 /PRNewswire/ -- Purple Chip Capital Management, LLC ("Purple Chip Capital"), a value-oriented investment manager and long-term shareholder of Harley Davidson, Inc. (NYSE:HOG) ("Harley Davidson" or the "Company"), today issued the following statement supporting H Partners' campaign for change at Harley-Davidson and announcing its intent to WITHHOLD its votes on the election of CEO and Chairman Jochen Zeitz, and Directors Thomas Linebarger and Sara Levinson at the Company's 2025 Annual Meeting of Shareholders.
"As long-term Harley Davidson shareholders and customers, we have watched in dismay as the Company has drastically strayed from the core tenets that made it a true and lasting American icon. Being a Harley Davidson owner has always been so much more than simply owning a bike. It has meant becoming a part of the distinctive culture and community that is so widely recognized across the United States. A community that was built upon a national network of dealerships that have served as hubs, delivering location-specific service, exclusive events and highly customized optionality around the bikes and products that Harley Davidson is known for.
Under the current Board of Directors, that culture has been neglected, weakening the engine that has motored Harley Davidson forward for nearly 125 years in favor of online sales, egregiously off-brand product lines and a departure from the high-quality optionality that made each and every Harley Davidson bike truly unique. Harley Davidson deserves a board of directors that recognizes what makes the Company special and that treats their dealers like the partners, customers and value-drivers that they are. Without financially successful dealerships, the community we are all proud to be a part of will fade and performance will continue to suffer.
On the product front, the Company must acknowledge that the electric Livewire line of bikes was horribly misguided and should be discontinued. Harley Davison owners do not want an electric engine, they desire raw American power. Instead, the Company needs to refocus its efforts on attracting the next generation of Harley riders, revamping the lineup, and bringing back the iconic Sportster 883 as an entry level motorcycle. Furthermore, an ongoing focus on cost reduction through the introduction of plastic accessories, trim, and customization has drastically reduced the appeal of the full Harley Davidson line of products. It is time to reignite the pride that Harley Davidson riders have always had in their bikes and the Company, and to bring back the highest-quality parts and accessories made with chrome, steel and leather.
We were thrilled to see H Partners voice the same concerns we have regarding the road Harley Davidson is currently embarking on, and we intend to WITHHOLD our votes for Directors Zeitz, Linebarger and Levinson at the Annual Meeting. We believe unseating those three long-tenured directors, who are clearly disconnected with what Harley Davidson has built its legacy on, would serve as a baseline step towards returning the Company to glory for the benefit of its riders, dealers and stockholders."
About Purple Chip Capital
Purple Chip Capital Management is an investment management company founded and run by Jason T. Dickerson and known for its value-oriented investment strategy and long-term approach to investing. Based in Canton, Georgia, Purple Chip Capital focuses on identifying undervalued companies, typically with a concentrated portfolio strategy, and if needed, actively engages with management to improve performance.
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