11:53 AM EDT, 04/08/2025 (MT Newswires) -- Harley-Davidson ( HOG ) said Tuesday Chief Executive Jochen Zeitz will retire this year and that a search for his successor was underway.

The search process began late last year after Zeitz disclosed his retirement plans, according to a statement from the motorcycle maker.

"The board is grateful to Mr. Zeitz for his many significant contributions to the company as CEO," Harley-Davidson ( HOG ) said. "These contributions include, but are not limited to, the creation and successful execution of the Hardwire, the company's five-year strategic plan, reinvigorating the brand, and his leadership during one of the most challenging operating environments in the history of the company."

Zeitz will stay on as CEO until a successor is named. He was appointed to the position in 2020, before the five-year plan was rolled out in 2021.

In February, Harley-Davidson ( HOG ) reported a 7% decline in global retail sales of new motorcycles last year versus 2023, amid pronounced weakness in Europe, the Middle East and Africa and Asia Pacific. Full-year consolidated revenue fell 11% to $5.19 billion, while per-share earnings slid to $3.44 from the prior year's $4.87.

Harley-Davidson's ( HOG ) shares have plunged 47% over the last 12 months and 25% year-to-date. The stock was down 0.5% intraday Tuesday.

"In 2024, we saw our performance being significantly impacted by the continued cyclical headwinds for discretionary products, including the high-interest rate environment affecting consumer confidence," Zeitz said in a statement in February.

The company said at the time that EPS this year would be flat to down 5%. That guidance did not take into account recently announced tariffs.

China's commerce ministry reportedly said on Tuesday that Beijing will "fight to the end" if the US imposes the additional 50% tariffs that President Donald Trump has threatened to impose. Last week, the White House announced broad-scale duties on US imports.

"Not having a clear view of what is to come, when, and for how long, we've not yet incorporated any new tariffs in our outlook," Zeitz said at an earnings call in February, according to a FactSet transcript. "We believe we have and are continuing to take all possible actions to mitigate the impact of tariffs, and we'll continue to take precautionary measures where possible."

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