One of Harley-Davidson Inc.’s (NYSE: HOG) largest investors does not like how the company is run. H Partners owns just shy of 10% of the motorcycle firm’s shares. The institutional investor says management needs to change and the board needs to be restructured.

According to The Wall Street Journal, H Partners wants CEO Jochen Zeitz to leave now, even though he has already said he will retire. The investment firm plans to press a “withhold-the-vote” campaign against Zeitz, as well as Thomas Linebarger and Sara Levinson, who have been board members for more than a decade.

The Wall Street Journal reports that H Partners thinks Harley has too much inventory and poor relationships with some dealers.

Harley’s stock price supports H Partners’ argument that the company has been poorly run. Over the past five years, shares have only risen 11%, while the S&P 500 has increased by 88% over the same period. Over the past year, Harley’s stock has been down 45%, while the S&P has been 7% higher.

Harley’s most recent quarterly results were ugly. Revenue fell 45% to $420 million year over year. Its per-share loss was $0.93, compared to last year’s profit of $0.19.

Zeitz gave his excuses about the financial results: “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.”

Harley likely suffers from the fact that, unlike cars, buying a motorcycle is discretionary spending. And its motorcycles are expensive. Its least expensive bike is the Road King Special, with a base price of $25,749. Its highest-priced one is the CVO Road Glide, with a base price of $45,999, and with extra equipment that can rise to over $55,000.

Harley’s board and management are in trouble, based on its share price alone.

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