Recently it was reported that the typical CEO at the biggest U.S. companies received an 8.5 percent raise last year, taking in $11.5 million in salary, stock and other compensation, according to a study by executive data firm Equilar for the Associated Press.
Over the last 5-years, median CEO pay has jumped by 19.6 percent not accounting for inflation. That’s nearly double the 10.9 percent rise in the typical weekly paycheck for full-time employment across the country.
It could be, but this isn’t a rant about the typical line worker vs. CEO wage-gap.
If we’re being intellectually honest, CEOs today are required to master a broader range of skills than in the past, when top executives might have climbed the ranks with just one discipline. Companies are bigger, more global and increasingly complicated, and there’s accelerating competition in countries such as China, India and Brazil. Executives must also adapt to quicker technological change, including shifts brought on by autonomous driving, electric vehicles and the widening use of mobile devices. And then there is the Board, and the increasing requirement that CEOs push their stock price ever higher to collect their maximum possible payout.
So, who are those CEOs at Harley-Davidson, that made Harley-Davidson? Below is a historical snapshot of the motor company leadership:
Jochen Zeitz — Credit: Liam Sharp
Jochen Zeitz — born in Mannheim, Germany, the 57-year old was appointed May 7, 2020 as President and Chief Executive Officer (CEO). Zeitz served as Acting President and CEO since February 2020 when the previous CEO, Matt Levatich resigned. Zeitz also continues to serve as Chairman of the Board.
For more background please see this post.
Prior to being named Chairman, Acting President and CEO in February, Zeitz was a member of the Harley-Davidson Board of Directors since 2007 and established the Company’s Brand and Sustainability Committee. He served as Chairman and CEO of Puma for eighteen years from 1993 to 2011 and was also PUMA’s CFO from 1993 to 2005. Zeitz remained Chairman of Puma after being appointed CEO of the Sport and Lifestyle division at luxury goods company Kering (formerly PPR) from 2011 to 2012. He then served as a director on Kering’s Board of Directors from 2012-2016.
He also sits on the boards of financial services company Cranemere, and the Kenya Wildlife Service, as well as running his own charitable foundation (The Zeitz Foundation) and co-chairing The B Team, a non-profit that he co-founded with Richard Branson in 2012 to promote sustainable business practices. He has won the Financial Times Strategist of the Year award three times, been awarded the German Federal Cross of Merit, and co-authored two books – one of which, a dialogue with Benedictine monk Anselm Grün called The Manager and the Monk: A Discourse on Prayer, Profit and Principles, has been translated into 15 languages.
About fifteen years ago, he started his own business – Segera, a 50,000-acre luxury resort retreat on the Laikipia plateau in Kenya’s central highlands. In addition, Zeitz launched other projects in Africa: The Zeitz Collection of contemporary art from Africa and its diaspora; the Zeitz Museum of Contemporary Art Africa, a complex of 100 galleries in a 1920s granary in Cape Town converted by Thomas Heatherwick, which houses work from both its own and Zeitz’s collections: and The Long Run, which rates sustainable tourism projects according to Conservation, Community, Culture and Commerce (4Cs).
On a personal level — he divorced his first wife Birgit Jöris in 2012 following an 18-year marriage. He is currently married to LA-based producer Kate Garwood‚ 41‚ producer of the 2016 movie “Race”‚ about U.S. track star Jesse Owens. They have two children; 4-year old Jesse, born September 2017 and a three year old. He keeps homes in Switzerland, Santa Fe, Los Angeles, the ranch in Kenya and has property in west London. One would also assume he now has a home in Milwaukee! His favorite thing is a Scottish Bailey.
Matthew S. Levatich
Matthew S. Levatich — Resigned on February 28, 2020 after a 26-year career at Harley-Davidson with the last 5-years as CEO. For more info see this post HERE.
Harley-Davidson promoted Levatich to President/CEO in May 2015 when Keith E. Wandell retired. Mr. Levatich was named COO during CEO Keith Wandell’s tenure.
Mr. Levatich, joined Harley-Davidson in 1994. Prior to becoming COO in May 2009, he held wide-ranging roles in the U.S. and Europe. Those roles included Vice President and General Manager of Harley-Davidson’s Parts and Accessories business, Vice President of Materials Management, and President and Managing Director of the Company’s former MV Agusta business. In addition to an undergraduate degree in mechanical engineering from Rensselaer Polytechnic Institute, Levatich holds a graduate degree in engineering management and an MBA from Northwestern University. He has served on the board of directors of Emerson, a St. Louis-based global manufacturing and technology company, since 2012.
Mr. Levatich is known as an avid rider and an engineer, that demonstrates a clear vision for the company and talks constantly about focus and alignment and helping the organization remain clear on what it is they’re here to do. No longer is the motor company the “voice of the executive” rather it’s the “voice of the customer.”
Interestingly, Harley-Davidson has evolved from platform teams. Dyna platform, Softail platform, which was largely modeled like the automotive industry. Each platform team was competing for the next big capital investment so they could say now it’s Dyna’s turn to have a major refresh. Or now it’s Softail’s turn. Or now it’s Touring’s turn. And that doesn’t exist anymore.
In an interview with Cycle World Mr. Levatich stated: “We’re not really in the business of manufacturing motorcycles. We’re in the business of building customers.”
Keith Wandell
Keith Wandell — hired from Johnson Controls to serve as Harley-Davidson President/CEO in 2009 — retired May 1, 2015 — only 6-years later.
Credited for leading Harley-Davidson back to profitability by cutting jobs and making its production more efficient he transformed manufacturing through a restructuring plan that generated more than $300 million in annual savings.
Mr. Wandell cut millions of dollars in costs and eliminated several thousand jobs in the manufacturing plants. He brought a sense of urgency to the company, saying he did not want it to be like General Motors and the auto industry that had fallen into deep trouble.
Under his leadership, Harley made significant gains in reaching new customers through growth in international markets and sales to “outreach” segments in the U.S., including young adults, women, African-Americans and Hispanics. Mr. Wandell also was credited with stoking excitement for a planned electric bike, called Project LiveWire.
Mr. Wandell has been the Non-Executive Chairman of Dana Incorporated since October 27, 2016 and served as its Interim Chairman from September 9, 2016 to October 27, 2016.
James Ziemer
James Ziemer — served as President/CEO from 2005-2009. Retired in 2009. Mr. Ziemer is a native Milwaukeean who grew up in the neighborhood next to Harley-Davidson’s original Milwaukee factory location on the city’s west side.
He started with the motor company in 1969 as a freight elevator operator while attending the University of Wisconsin-Milwaukee. He worked at Harley-Davidson for 40 years. Upon earning his undergraduate degree in accounting at UWM, he joined the accounting department where he spent the majority of his career. He was named the Company’s Chief Financial Officer in 1990. In 2005, he was named President and Chief Executive Officer of Harley-Davidson. When he retired, employees presented Mr. Ziemer with the original wood doors from the freight elevator he operated when he first was hired at Harley-Davidson.
As a sidebar, also in 2009, eleven years after being bought by Harley-Davidson, Erik Buell leaves the company to establish Erik Buell Racing.
Jeffrey L. Bleustein
Jeffrey L. Bleustein — retired as Chairman of the Board of Harley-Davidson in April 2009. He was Chairman from December 1998 to April 25, 2009. Previously, he served as CEO from June 1997 to April 2005.
He served at Brunswick Corp in many capacities and was President of Trihawk, Inc., a subsidiary of Harley-Davidson, 1984 to 1985. Remember Trihawks?
Mr. Bleustein was a technology consultant with American Machine and Foundry Co. (AMF). In 1969, AMF merged with Harley-Davidson and in 1975, AMF assigned him to help reorganize Harley-Davidson engineering operations. Led by AMA Hall of Famer Vaughn Beals Jr., and 11 other Harley-Davidson executives (including Willie G. Davidson), Bleustein helped execute an $81.5 million leveraged buyout of the company from AMF on June 16, 1981.
To commemorate the buy-back, approximately two dozen company officers, along with their wives and select motorcycle press, made a cross-country motorcycle trek from the production facilities in York, PA to Harley-Davidson’s main offices on Juneau Avenue in Milwaukee. This 900-mile independence journey was also a ride to support the Muscular Dystrophy Association, now the official charity of Harley Owners Group (HOG). The ride followed a host of ceremonies at York which included the signing of documents that marked the ownership change, and pulling the first “new Harley-Davidson” motorcycle off the assembly line. This 4-day celebration began a new chapter in the company’s “new” future.
Mr. Bleustein was responsible for notable engineering innovations which included the rubber engine mounts, redesign of the V-Twin and introduction of the Kevlar drive belts.
During Mr. Bleustein’s tenure (circa: 1998), Harley-Davidson bought Buell Motorcycle Company and named founder Eric Buell Chairman of Buell Operations. The first Buell’s hit showrooms in late 1999.
Rich Teerlink
Rich Teerlink — served as Chairman and CEO until 1999 at Harley-Davidson until he retired. Mr. Teerlink joined Harley-Davidson in August 1981 as CFO where he enjoyed great success over his 18-year career. He started with the company just two months after the group of 13 Harley-Davidson managers had bought the company from its then parent company, American Machine and Foundry Co. (AMF), in a leveraged buyout.
Mr. Teerlink’s greatest accomplishment was establishing the Harley Owners Group (HOG) in 1983. Mr. Teerlink joined the Vertex Board in 2002, and while serving on the Vertex Board, he also served on the Boards of Johnson Controls, Snap-on Tools and Quad Graphics.
Mr. Teerlink is also a notable author of More Than a Motorcycle, The Leadership Journey at Harley Davidson book. Mr. Teerlink retired from the Vertex Board of Directors, effective February 4, 2015.
Mr. Teerlink was inducted to the AMA Motorcycle Museum Hall of Fame in 2015. Mr. Teerlink was awarded an Honorary Degree, Doctor of Laws from Marquette University on May 22, 2005.
Vaughn L. Beals Jr.
Vaughn L. Beals Jr. — served as CEO of Harley-Davidson from 1981-1989 and as Chairman from 1981-1996.
In June 1981, it was a challenging time as American Machine and Foundry Co. (AMF) wanted to cut and run, but no one wanted to buy a company with a limited line of high-priced, obsolete products and a reputation for unreliability. Vaughn Beals Jr., and 13-other** Harley-Davidson executives (including Willie G. Davidson), led an $81.5 million leveraged buyout of the company from American Machine and Foundry Co. (AMF).
Mr. Beals previously served as a research engineer for North American Aviation and Cummins Engine Company where he negotiated the purchase of logging equipment manufacturer Formac International as he was a minority owner and CEO. This proved to be valuable during the AMF Harley-Davidson buyout. He was named Harley-Davidson CEO after the buy-out option.
In 1982, the motor company won an anti-dumping judgment from the International Trade Commission (ITC). This led then-U.S. President Ronald Reagan to impose additional tariffs on imported heavyweight Japanese models, as allowed by the ITC. The additional tariffs–45 percent on top of an existing 4.4 percent measure–were meant to decrease gradually over five years, until April 1988.
In June 1986, Harley-Davidson went public with a stock offering to raise capital to help pay off the buy-out option. This was very successful increasing share price from $11 to $24. Harley-Davidson used some of the stock sale revenues to buy Holiday Rambler, a U.S. maker of recreational vehicles, for $150 million. The Holiday Rambler sale pushed Harley-Davidson into the Fortune 500 category for the first time at number 398. In March 1987 the company asked the ITC to remove the tariffs imposed on Japanese motorcycle imports a year earlier than scheduled.
Willie G. Davidson, V.P. Styling (Left); Vaughn Beals Jr., CEO and Charles Thompson, President (Right)
Mr. Beals was inducted to the AMA Motorcycle Museum Hall of Fame in 2008.
Charles Thompson — served as President and CEO of the restructured Harley-Davidson after American Machine and Foundry Co. (AMF) buy-out option.
Mr. Thompson was a long-time Harley-Davidson employee, well-liked throughout the motorcycle industry and served as president and CEO of the restructured company until his health failed in 1982.
William Herbert “Bill” Davidson — was president of Harley-Davidson Motorcycles from 1942 to 1971. He was the son of William A. Davidson who quit his regular paying job with the Milwaukee Road railroad in 1903 to get into the business of making motorcycles.
William Herbert “Bill” Davidson
Bill Davidson, started working on the Harley-Davidson shop floor of the family business in 1928 after attending the University of Wisconsin. He won the AMA National Enduro Championship in 1930 and when he wasn’t winning motorcycle races, Bill worked his way up through the company, becoming a foreman, manager of many departments, and finally president of Harley-Davidson in 1942.
In 1963, Bill brought in his son William Godfrey Davidson (Willie G.) on to head up the styling department of the company. Willie G. would end up creating some of the company’s more popular designs, including the legendary Low Rider and the Super Glide which was inspired by the ideas of bike customizers.
In 1965 Harley-Davidson went public as the two families decided to give up control and put the company’s shares on the market.
In 1969, Harley-Davidson was bought by American Machine and Foundry Co. (AMF), a leisure equipment manufacturer. The arrangement proved, at least initially, to be a good one for Harley-Davidson, for it was in the mid-1960s that the company experienced its first real competition after Indian went out of business. The financial resources and stability that AMF was able to provide helped the company battle Japanese motorcycle manufacturers, who had begun exporting their vehicles around the world, placing themselves in direct competition with Harley-Davidson.
Bill stayed on as president under the control of AMF reporting to it’s then current chairman and CEO Rodney C. Gott (Mr. Gott served as AMF president, starting in 1962, and chairman and chief executive, from 1968. He retired in 1978). Mr. Gott was a Harley-Davidson rider and big motorcycle fan. As a sidebar: In World War II, Mr. Gott was a decorated veteran who served in Gen. George S. Patton’s Third Army and on the staff of Gen. Lesley James McNair, chief of ground forces, and was also commander of the 79th Infantry Division Artillery.
In 1971, Bill Davidson was made Harley-Davidson chairman, but reported that he had little power while under AMF’s control. It was noted that he was chairman of the Harley-Davidson board that never met. Conflicts with AMF’s strategy and chaotic market conditions led to Bill Davidson’s resignation in 1973.
It was a period of high CEO turnover at Harley-Davidson. During this time, AMF named John O’Brian and then Gus Davis as president, marking the first time someone other than a Davidson would sit in the company presidents chair. Other Harley and Davidson family members continued on at the company under AMF’s ownership. Bill Davidson’s son John was vice president of Sales, and then moved up to become president after Gus Davis. William J. Harley was engineering vice president until his death in 1971. His brother John Harley remained at the company until his death in 1976 as the last Harley at Harley-Davidson.
In 1975, AMF put Vaughn Beals Jr. at the head of Harley-Davidson, and Jeff Bleustein was named chief engineer. Bleustein was charged with making manufacturing improvements, which had become increasingly necessary as production grew and quality declined. A limited line of high-priced products and a reputation for unreliable motorcycles marked this timeframe in history. AMF began to lose interest in keeping the struggling motorcycle business afloat.
Rodney C. Gott (Left) and John Davidson, President Harley-Davidson
In a bit of irony, (circa: 09/1977), the motor company unveiled a motorcycle museum in York, PA., that was named after AMF’s CEO — Rodney C. Gott Motorcycle Museum. A video HERE.
In June 1981, to save the company, and to effect a turnaround, thirteen Harley-Davidson executives, led by Vaughn Beals Jr., put together a plan for a leveraged management buyout. With the financial support of Citicorp, the management team succeeded in taking control of Harley-Davidson from AMF on June 16, 1981, at a cost of $81.5 million.
The role of the new officers after the company buy-out option included: Charles Thompson, president and chief operating officer; Jack Hamilton, Chris Sartalis, Jim Paterson, Kurt Woerpel, Peter Profumo, Jeffrey Bleustein, Thomas Gelb, William Davidson, and Tim Hoelter, all vice presidents. The president of the various divisions were: John Davidson, golf; David Caruso, parts and accessories; Ralph Swenson, York; and David Lickerman, Harley-Davidson International.
Even though he was no longer actively involved with the company, Bill Davidson lived to see the renewal and success that Harley-Davidson enjoyed starting in the late-1980s.
Bill Davidson died in 1993. He was inducted into the AMA Motorcycle Museum Hall of Fame in 1999.
Walter Davidson — was president from 1907 to 1942. Bill Harley was chief engineer and treasurer. Author Davidson is secretary and general sales manager and William A. Davidson is the works manager.
In 1936, six sons of the founders are working at Harley-Davidson. Walter Davidson’s sons Gordon and Walter C.; and William Davidson’s sons, William Herbert “Bill” and Allan; and Bill Harley’s sons, William J. and John.
In 1942 from his death bed, Walter Davidson named his nephew William Herbert “Bill” Davidson as president and his own eldest son Gordon, as vice president of manufacturing.
Historical Principal H-D Subsidiaries: Holiday Rambler Corporation; Utilmaster Corporation; B&B Molders; Creative Dimensions; Nappanee Wood Products.
Article References:
Harley-Davidson (Buyout) Management Team
**The Harley-Davidson managers post buy-out option: left to right standing: John Hamilton, Dr. Jeffrey Bleustein, Kurt Woerpel, Chstopher Sartalis, and William G. Davidson. Left to right, seated: James Peterson, Timothy Hoelter, David Lickerman, Peter Profumo, David Caruso, Ralph Swenson, Charles Thompson, and Vaughn Beals Jr.
Photos courtesy of Harley-Davidson
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