HOG - Harley-Davidson CEO Steps Down After Five Years of Declining Sales
After nearly five years as CEO and a total of 26 years with the company, Harley-Davidson (NYSE: HOG) CEO Matthew Levatich is stepping down. A statement from the company posted late Friday afternoon indicated that board member Jochen Zeitz would serve as interim president and CEO, effective today, until a permanent chief executive is found.
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The decision was seemingly amicable and understandable. Harley-Davidson, while still a respected name within the motorcycle industry, has seen sales and earnings steadily dwindle since 2014's peak for both. Last year's top line fell another 8%. Zeitz commented in the press release, "The Board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson."