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HARLEY-DAVIDSON ANNOUNCES REWIRE PROGRESS NEW OPERATING MODEL AND LEANER ORGANIZATION TO DRIVE FOCUS AND EFFICIENCY 700 jobs cut

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HARLEY-DAVIDSON ANNOUNCES REWIRE PROGRESS, NEW OPERATING MODEL AND LEANER ORGANIZATION TO DRIVE FOCUS AND EFFICIENCY

Milwaukee, July 09, 2020 (GLOBE NEWSWIRE) — As part of its comprehensive efforts to rewire the company (The Rewire), announced in April, Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE:HOG) today announced an overhaul of its global operating model, including a leaner, more nimble organization. Initial Rewire actions are expected to result in restructuring costs of approximately $42 million in Q2 2020. The company plans to share a summary of The Rewire, including additional costs and expected savings, when it releases its Q2 results.

“The Rewire is progressing very well and substantial work is being done to eliminate complexity and get Harley-Davidson on a path to winning. Our new operating model is simpler, more focused and enables faster decisions across the entire company,” said Jochen Zeitz, chairman, president and CEO of Harley-Davidson. “We’ve taken a hard look at our entire set up, our spending, and how work is getting done, to align our operating model, structure and processes. We are building a strong foundation to drive a high-performance organization in the future.”

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Changes to the company’s operating model under The Rewire include all areas of the business globally, from commercial operations to corporate functions. Changes have also occurred in the company’s leadership, among them, Chief Financial Officer John Olin has left his role, with current VP Treasurer, Darrell Thomas assuming duties as interim CFO until a successor is appointed. “Significant changes are necessary, and we must move in new directions. I thank John for his commitment during his 17 years with the company and for his leadership during this critical phase of The Rewire,” Zeitz said.

Overall, the streamlined structure requires approximately 700 fewer positions across the company’s global operations with approximately 500 employees expected to exit the organization through 2020.

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The key elements of The Rewire:

Enhance core strengths and better balance expansion into new spaces

Prioritize the markets that matter

Reset product launches and product line up for simplicity and maximum impact

Build the Parts & Accessories and General Merchandise businesses to full potential

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Adjust and align the organizational structure, cost structure and operating model to reduce complexity and drive efficiency to set Harley-Davidson up for stability and success

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The company plans to share a comprehensive summary of The Rewire actions and financial impacts when it releases its Q2 results later this month. The Rewire will set the foundation for a new 2021-2025 strategic plan which is expected to be shared in Q4.

Company Background

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Since 1903, Harley-Davidson has stood for the timeless pursuit of adventure and delivered freedom for the soul with an expanding range of leading-edge, distinctive and customizable motorcycles in addition to riding experiences and exceptional motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get Harley-Davidson riders on the road. Learn more at www.harley-davidson.com.

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Cautionary Note Regarding Forward-Looking Statements

The company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statements will include words such as the company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates,” “likely” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments, or goals are also forward-looking statements.

Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

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The forward-looking statements included in this press release are only made as of the date of this press release, and the company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.  Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, uncertainties regarding the company’s ability to effectively execute the company’s restructuring activities within expected costs and timing and to successfully implement the elements of The Rewire.

5 comments

  1. Damn more rotten news.
    How bout some odd news.
    Charlie Daniels was part of the Craven Daniel Willuams Herring Crib Clan. I know Personally. The Cravens Danuels were Painters. I seen one Craven knife another in his oen front yard. Wild bunch if crazies they were. Charlie was from over Leland area across cape fear river. He played The River Boat at Carolina Beach weekends. Id see Uncle Charlie who had married my Aunt in my Dads house playing that fiddle and He had a Les Paul. It was Pretty guess a 59? I would peek from behind the BRD and Lord He’d smoke That thing. Dad and a Man from Madison would play and drink uo a storm. Charlie got a break with Dylan and was doing studio in Nashville. When I got really good I went to Ex Uncle Charlie’s house. He cussed me out told me ti get the fuck away frim his house. Not many know He was an arrogant nasty ass mouth man. I know this as fact. He put on a good show and a good front. We went to Red Top End up in Pender County. Charlie drank Stump hole and He started playing singing Deveil Went To Georgia. Rest is History.
    But to a great Man He changed his life for the better and I’ll miss Him 4 Ever. Lyaj

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  2. Two subjects here.
    Harley’s Davidson and Charlie Daniels.

    That PR release from HD sounds so much like all the countless bullshit PR releases that came out of my Advertising,Marketing &Public Relations Corporation.
    A four year plan of gutting jobs, speculating on what’s going to happen in that time period like he’s got some magical crystal ball.
    Feels like an even darker road ahead for Harley Davidson & everyone who truly loves riding them… Kind of curious about what Willie G. thinks about this.

    As far as Charlie… he definitely had his moments. But good or bad, I can’t say it wasn’t a good time. Had a lot of fun with him.
    I’m going to leave it at that.

    Forever keeping quiet about… what? I’ve got selective amnesia.
    That’s been working for decades upon decades.

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  3. I’d like to see the manufacturing of the motorclothes line brought brought back to the USA with no discernible increase in price. They’ve been charging premium prices on Chinese garbage for far too long.

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