April 8 (Reuters) - Harley-Davidson's Jochen Zeitz plans to retire as CEO in 2025 after five years in the role, the American motorcycle maker said on Tuesday.
Zeitz, who had helped revive German footwear brand Puma's near-bankrupt business, joined Harley's board in 2007 and was tapped as CEO in May 2020.
Harley's shares were up 3.3% at $23.5 in premarket trading amid a rebound in the broader markets.
Zeitz, 62, launched the "Hardwire" strategy in 2021 to revive the storied motorcycle maker that was struggling to connect with young riders as its key customer base of Baby Boomer aged.
The five-year strategy involved prioritizing high-margin products, exiting international markets with low sales volume and modernizing the brand's appeal.
Still, Harley in February forecast 2025 profit and motorcycle revenue to be flat to down 5% as consumers temper big-ticket purchases.
The company's shares are up more than 11% since Zeitz took charge, compared with the 77% rise in the benchmark S&P index.
Harley's board said it has launched a search process and Zeitz is expected to remain until a successor is named.
Reporting by Abhinav Parmar and Shivansh Tiwary in Bengaluru; Editing by Anil D'Silva and Sriraj Kalluvila
Source: Reuters