Major Shareholders Take a Stand Against Harley-Davidson Leadership, Call for Strategic Change

Criticizes Disconnected Board of Directors and Misaligned Strategic Direction

CANTON, Ga., April 29, 2025 /PRNewswire/ — Purple Chip Capital Management, LLC (“Purple Chip Capital”), a value-focused investment manager and long-standing shareholder of Harley Davidson, Inc. (NYSE:HOG) (“Harley Davidson” or the “Company”), has announced its support for H Partners’ push for change at Harley-Davidson and its decision to WITHHOLD votes for CEO and Chairman Jochen Zeitz, and Directors Thomas Linebarger and Sara Levinson at the upcoming 2025 Annual Meeting of Shareholders.

“As dedicated Harley Davidson shareholders and enthusiasts, we have observed with concern how the Company has diverged from the foundational principles that established it as a lasting American icon. Owning a Harley Davidson has always been about more than just riding a bike; it embodies being part of a vibrant culture and community recognized throughout the United States. This community has flourished through a network of dealerships that offer tailored services, exclusive events, and distinctive customization options associated with Harley Davidson products.

Under the current Board of Directors, this culture has been overlooked, undermining the legacy that has propelled Harley Davidson for nearly 125 years in favor of online sales and misaligned product lines, along with a departure from the quality customization that has made each Harley Davidson unique. The Company needs a board committed to recognizing its unique value and treating dealerships as vital partners crucial to its success. Without thriving dealerships, the community we cherish will diminish, and performance will continue to decline.

On the product side, the electric Livewire bike line has proven to be a significant misstep and should be discontinued. Harley Davidson riders prefer robust American power over electric engines. The Company should shift its focus towards attracting new generations of riders, revitalizing its lineup, and reintroducing the iconic Sportster 883 as an entry-level motorcycle. Additionally, ongoing efforts to cut costs through the introduction of plastic components have significantly lowered the allure of the full Harley Davidson product range. It’s crucial to revive the pride that Harley Davidson riders have always felt in their bikes and the brand while restoring high-quality parts and accessories made from chrome, steel, and leather.

We are encouraged to see H Partners echoing our concerns about the current direction of Harley Davidson, and we will WITHHOLD our votes for Directors Zeitz, Linebarger, and Levinson at the Annual Meeting. We believe removing these long-serving directors, who are clearly out of touch with Harley Davidson’s legacy, is a crucial step toward revitalizing the Company for the benefit of its riders, dealers, and shareholders.”

About Purple Chip Capital
Purple Chip Capital Management is an investment management firm established and led by Jason T. Dickerson, recognized for its value-driven investment strategy and long-term approach. Based in Canton, Georgia, Purple Chip Capital specializes in identifying undervalued companies, typically employing a concentrated portfolio strategy, while actively engaging with management when necessary to enhance performance.

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SOURCE Purple Chip Capital Management, LLC