01:59 PM EDT, 04/10/2025 (MT Newswires) -- Harley-Davidson ( HOG ) shares tumbled intraday Thursday after the motorcycle maker disclosed the resignation of a company director who expressed "grave concerns" over its current situation.

Investment firm H Partners representative Jared Dourdeville outlined the reasons for leaving Harley-Davidson's ( HOG ) board in his April 5 resignation letter, a redacted copy of which was attached to a regulatory filing on Thursday. H Partners Management owns a 9.1% stake in Harley-Davidson ( HOG ).

Dourdeville's concerns include alleged underperformance versus peers under the leadership of Chief Executive Jochen Zeitz, who also serves as board chair. Dourdeville had demanded immediate resignations of Zeitz, Lead Independent Director Tom Linebarger and board member Sara Levinson.

On Tuesday, Harley-Davidson ( HOG ) said that a CEO search was underway, with Zeitz planning to retire this year.

"While I am concerned about this severe underperformance, what I am most concerned about are the foundational building blocks that underpin any company's long-term trajectory: culture, transparency and accountability, and the willingness of the board and management to put the company first," Dourdeville said in the letter. "These concerns have increased exponentially in recent quarters."

Dourdeville expressed dissatisfaction with the outcome of Zeitz' Hardwire strategic plan, pointing to increased dealer inventory levels.

Shares of Harley-Davidson ( HOG ) were down nearly 12% in Thursday afternoon trading. The stock has tumbled 31% so far this year.

The company said Dourdeville "was not a dissenting voice in the boardroom as to matters he raised in his letter," including the Hardwire strategy.

"While the company has not been able to achieve its financial ambitions given the extremely challenging market environment, it has delivered a better total shareholder return than all but one of its peers in the motorcycle and powersports industries," Harley-Davidson ( HOG ) said.

The company said it has worked toward "reducing dealer inventory and increasing dealer profitability."

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.

Price: 20.92, Change: -2.77, Percent Change: -11.68