The fight for who controls Harley-Davidson continues, as H Partners Management—the investment firm that had a seat on the brand's board of directors until their man resigned in protest because he wasn't allowed to pick the company's new CEO—has found another investor to join its campaign.
Indeed, Purple Chip Capital, which has about a 1% stake in Harley-Davidson, is joining H Partners Management in its attack against retiring CEO Jochen Zeitz, as well as board members Thomas Linebarger and Sara Levinson. Basically, they're alleging corporate malfeasance in the form of the brand's "misguided" Hardwire strategy, straying "from the core tenets" of the brand, and a "neglected" culture.
As such, they're making their grievances public in the hopes of swaying other investors and stakeholders, and are demanding that not only those three executives lose their seats effective immediately, but also that Harley-Davidson kill its LiveWire electric motorcycle arm. They're also asking for a return to the Harley-Davidson of old, one of chrome and leather, and when their return on investment was much higher.
