Harley-Davidson, Inc. (NYSE: HOG) today held its annual shareholders meeting at the Harley-Davidson Museum.
Keith Wandell, President and Chief Executive Officer of Harley-Davidson, Inc., and John Olin, Senior Vice President and Chief Financial Officer, provided an update on business progress to some 500 shareholders in attendance.
"Throughout the past 16 months we have taken a number of actions to address the immediate challenges and establish a bold, clear direction that will maximize our opportunities going forward," said Wandell. "We have come a long way in a short amount of time, and I could not feel better about the progress we have made and where we are headed."
According to Board Chairman Barry Allen, "Harley-Davidson has defined a clear road forward with its strategy for the future, and is implementing its strategy with confidence, determination and decisiveness. From the Board’s perspective, as we look at all that has been accomplished, it is a real tribute to the entire management team and all of the Company’s employees."
During the meeting, shareholders approved amendments to the Harley-Davidson, Inc. Restated Articles of Incorporation providing for the annual election of directors by eliminating the Company’s classified board structure, with its staggered three-year terms.
The amendments become effective April 26, following the filing of paperwork with the State of Wisconsin, at which time the Company will reconvene the shareholders meeting to finalize the election of returning directors Dick Beattie, Judson Green, Tom Linebarger and Barry Allen to one-year terms. As of the 2012 shareholders meeting, all directors will stand for annual election.
The Company announced that the Board of Directors approved a cash dividend of $0.10 per share for the second quarter of 2010, payable June 18, 2010 to holders of record of the Company’s common stock on June 3, 2010.
Shareholders approved the amended and restated director stock plan; ratified Ernst & Young as the Company’s auditor for 2010; and approved the Harley-Davidson, Inc. employee incentive plan. Shareholders also approved a non-binding shareholder proposal to adopt a simple majority vote for all matters submitted to a vote of shareholders. Allen said the Board will consider the matter at a future meeting.
Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company (HDMC), Harley-Davidson Financial Services (HDFS), Buell Motorcycle Company and MV Agusta. Web site: http://www.harley-davidson.com/