Matt Levatich, CEO of Harley-Davidson Motor Co.

Adam Jeffery | CNBC

Harley-Davidson CEO Matthew Levatich is leaving the struggling motorbike maker.

The Milwaukee firm introduced Friday that Levatich will depart his publish and seat on Harley’s board of directors.

Board member Jochen Zeitz will come to be performing president and CEO even though a board research committee is formed and Harley hires an outside the house research business to fill the career.

“The Board and Matt mutually agreed that now is the time for new leadership at Harley-Davidson,” Zeitz reported in a ready assertion.

Harley has been having difficulties with declining gross sales in the U.S., its most important market place, as it attempts to adapt to an aging consumer base while on the lookout to broaden marketplaces abroad.

The announcement of the management adjust, made right after the markets closed, pushed Harley’s shares up 5% in right after-hrs buying and selling. They experienced fallen 2.3% with the broader markets throughout the investing day.

Harley’s closing share value Friday was down 18% for the calendar year.

Harley noted a net financial gain of $423.6 million in 2019, but it built only $13.5 million in the fourth quarter.

The company mentioned Levatich will stay on as a result of March to assist with the transition.

Zeitz also was named board chairman, changing Michael Cave, who gets presiding director. He claimed the board is self-confident that its management expertise and comprehending of the enterprise will deliver an helpful changeover.

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