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Harley-Davidson CEO gets $6.4 million pay package in 2009

Published: March 12, 2010
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By DAN STRUMPF
AP Auto Writer

NEW YORK (AP) — The CEO of Harley-Davidson Inc., who took over the motorcycle maker part way through 2009, received a pay package valued at $6.4 million during his first eight months on the job, according to a regulatory filing.

Keith E. Wandell received a base salary of $650,025 from his start date of May 1 through the end of 2009, according to proxy a filing with the Securities and Exchange Commission. He received a bonus of $780,030 and stock and option awards valued at $4.9 million at the time they were issued.

He also received other compensation worth $22,515, which includes a cash payment of $19,733 instead of perquisites.

Wandell, 60, replaced James L. Ziemer, who retired last year after 40 years with Harley-Davidson and four years as its CEO. Before taking over Harley, Wandell was chief operating officer of the car battery and building ventilation systems maker Johnson Controls Inc.

During his final four months as CEO, Ziemer received a pay package valued at $2.9 million. That includes a base salary of $455,144, a bonus of the same amount and stock and options valued at $1.9 million when they were granted.

He received other compensation worth $44,221, including $14,800 in cash instead of perks and $22,521 in contributions to a deferred compensation plan.

The Milwaukee-based motorcycle maker has hit hard times recently as consumers put off buying its high-end bikes. The company ended the fourth quarter with a loss $218.7 million, its first quarterly loss in 16 years.

The company has been laying off workers, closed factories and shuttered or sold unwanted brands.

The AP’s total pay calculations include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.

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Comments

  • uberVU - social comments says:

    Social comments and analytics for this post…

    This post was mentioned on Facebook by Rick Benedict: Harley-Davidson CEO gets $6.4 million pay package in 2009 http://bit.ly/d9qrSN...

    Posted on 03/16/10 at 4:12 am
  • Rob Sturgis Rally 2010 Dude says:

    You know it is very interesting how we buy into a belief that the so called economy is lulled. Obviously Kieth didn’t buy into that belief. Lets all show up in Sturgis, make some noise and have an impact on speaking truth into this group conscious imposed belief of lack. There is just as much money on this planet even more and by telling the truth about how much money is available for all of us we can’t help but stimulate our economy. Just get that there is enough for everybody to have as much as they want and it doesn’t hurt another to amass wealth.
    Rob Sturgis Rally 2010 Dude

    Posted on 07/26/10 at 4:22 pm
  • Jonathan Lackman says:

    I think they are losing touch. I got two bikes, all HD clothes and stopped by the plant in KC to see if they would take a couple of flyers about a bike show run by the chamber of commerce and they treated me like a vandal.

    Posted on 07/26/10 at 10:53 pm
  • Robert Freer says:

    I live in Milwaukee, and it’s really a shame how the execs are treating the workers. Yes and H-D is a luxury item, and yes sales are down. But Keith Wandell is not a true motorcycle person. This present threat to move is, in my opinion, one of the worst examples of corporate greed as of late. I believe that he and the rest of the suits want to move the manufacturing operatons to a cheaper part of the USA so they can award themselves huge bunuses and salaries.

    The question that the Harley union workes need to ask themselves is: can they find a job that will pay as much as they will make after the cuts? I do believe that the rank and file should take a cut in order to preserve their jobs and the brand in Milwaukee and Wisconsin, but I also believe that the cuts need to be made at the corporate level also. First, Wandell needs to leave…get out..bye bye, and a person who really understands the H-D heritage should go in as CEO. Second, the upper and middle management needs to take a 50% cut. After all, they’re playing to the stock holders..and the less money that the suits make, the more money the stock holders make.

    Posted on 08/27/10 at 8:18 pm

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