Shares of the Milwaukee-based company have plunged 18 per cent this year, and its US$4.6 billion market capitalisation is down by more than half from when Mr Levatich took over. Harley's stock declined 2.3 per cent to US$30.47 Friday before Mr Levatich's departure was announced.
Mr Levatich's departure comes after the company moved in January to grant long-term shareholders the power to directly nominate board members, a concession meant to boost investor influence.Harley has been investing in new products including electric motorcycles and middle-weight models to appeal to a younger demographic, but that has added pressure to margins.
"A millennial would rather have a powered scooter than a Harley Davidson," Mr Harris said."I'm not surprised that they had to make a change."Mr Levatich's tenure came at a time when many manufacturers were tested by mounting tensions between the US and its biggest trading partners.
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