Wall Street’s financial wizards seem pleased with the leadership shake-up at Harley-Davidson, welcoming Artie Starrs as the new CEO. Much like when Jochen Zeitz was appointed before him, analysts and major Harley-Davidson investors are enthusiastic about Starrs taking the helm at HOG. Back in 2020, when Jochen Zeitz, a longtime member of Harley-Davidson’s Board, stepped into the CEO role, the business media reported that “Wall Street was elated by the news of Harley-Davidson’s ‘course correction’ under a new leader.” Harley-Davidson’s stock jumped 17%. Now there is fresh excitement as Mr. Zeitz steps aside. Yet Wall Street seems to suffer from selective memory. The new direction being touted for this legendary brand closely resembles the unsuccessful strategies pursued by Mr. Zeitz’s predecessor.
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Whatever specific initiatives Mr. Starrs may be rolling out, there are two major brand problems at Harley-Davidson that almost no one is acknowledging. Both are harmful to the brand. First, Harley-Davidson has been cycling through CEOs roughly every 5–6 years. About every half decade, confidence in the C-suite’s strategic vision seems to erode among both internal stakeholders and external observers. The recent lineup has been Jochen Zeitz, 2020–2026; Matthew Levatich, 2015–2020; Keith Wandell, 2009–2015. Before Mr. Wandell, there was Jim Ziemer, from 2005 to 2009, and Jeffrey Bleustein,…