Harley-Davidson Successfully Completes The Rewire and Announces Date to Reveal New 2021-2025 Strategic Plan, The Hardwire
Harley-Davidson (NYSE:HOG) announced the completion of The Rewire on January 12, 2021, a fundamental business overhaul that sets the stage for The Hardwire, a new 5-year strategic plan focused on sustainable growth. The upcoming webcast on February 2, 2021, will unveil 2020 results and future plans. Key changes from The Rewire include a simplified operating model, a focus on high-potential markets, and a commitment to profitability with expected gross cash savings of $115 million starting in 2021.
- Completion of The Rewire restructuring, establishing a strong foundation for growth.
- Expected gross cash savings of $115 million starting in 2021.
- Focus on high-potential markets beyond motorcycles, enhancing revenue potential.
- None.
The Company will reveal strategic plan and report 2020 Results on February 2, 2021
Milwaukee, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE:HOG) today announced it has completed The Rewire, the critical overhaul of its business, setting a strong foundation for The Hardwire, the company’s 5-year strategic plan to deliver profitable and desirable long-term growth and shareholder value. The company will reveal its 2021-2025 strategic plan, along with 2020 fourth quarter and year-end earnings results, on Tuesday, February 2, 2021 via webcast.
“I am confident the substantial changes we made with The Rewire have set us up to successfully execute our strategic plan. We are now a leaner, more aligned organization, and we are making decisions faster,” said Jochen Zeitz, chairman, president and CEO, Harley-Davidson. “The right structure, leadership and principles are in place, and we are ready to execute our strategic plan, The Hardwire, and continue our H-D #1 cultural journey to become a high-performing company.”
As a result of The Rewire, the company:
- Reduced complexity and increased speed with a new operating model and organizational structure across every function to provide simplicity, agility and efficiency
- Reset its global business, resourcing and prioritizing the markets with the highest potential
- Expanded its business focus beyond motorcycles, with a strong commitment to newly established business units for Parts & Accessories and General Merchandise
- Streamlined its product portfolio and rebuilt its go-to-market efforts for maximum impact
- Enhanced and protected the value and desirability of its products by changing the approach to supply and inventory management with a focus on a powerful and profitable dealer network
- Executed Rewire actions expected to deliver ongoing gross cash savings of approximately
$115 million starting in 2021
Harley-Davidson will now execute The Hardwire, its 2021-2025 strategic plan grounded in desirability and guided by its vision to build its legend and lead the motorcycle industry through innovation, evolution and emotion. The company is focused on reigniting the spirit of Harley-Davidson and returning to winning, delivering the timeless pursuit of adventure and freedom for the soul for riders around the world.
Webcast
The public is invited to attend an audio webcast on Tuesday, February 2, 2021 from 8-9:30 a.m. CST. Jochen Zeitz, chairman, president and chief executive officer, and Gina Goetter, chief financial officer, Harley-Davidson, Inc., will discuss the company’s financial results, strategic plan and outlook. A slide presentation supporting the discussion will be available 30 minutes prior to the audio webcast.
Webcast participants should log-on and register at least 10 minutes prior to the start time and can access the slide presentation here: http://investor.harley-davidson.com/news-and-events/events-and-presentations. A replay of the audio webcast will be available approximately two hours after the call concludes.
Additional Upcoming Key Dates
- January 19, 2021 – Harley-Davidson will announce new 2021 motorcycles, parts and accessories, riding gear and apparel at its first virtual launch experience - H-D 21. To take part in the virtual launch, register now at www.H-D.com/21.
- February 22, 2021 - Harley-Davidson will reveal its all-new Pan America™ 1250 adventure touring motorcycle with a global digital event. Stay informed at www.H-D.com/PanAmerica.
Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Since 1903, Harley-Davidson has defined motorcycle culture 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.
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 by reference to this footnote or because the context of the statement will include words such as the company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates” 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 release. The risks and uncertainties that could cause actual results to materially differ from these statements include, among others, the Company's ability to realize the expected benefits from the company’s restructuring activities and the timing of those benefits and the COVID-19 pandemic, including the length and severity of the pandemic across the globe and the pace of recovery following the pandemic, as well as matters noted by the company in its filings with the SEC including but not limited to those described under “ Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 19, 2020 and in Part II, Item 1A of the subsequently filed Quarterly Reports on Form 10-Q. 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. 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.
Media Contact:
Jenni Coats
jenni.coats@Harley-Davidson.com
414.343.7902
Financial Contact:
Shannon Burns
shannon.burns@Harley-Davidson.com
414.343.8002
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