UNITED STATES
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FORM
CURRENT REPORT
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 5, 2023, LiveWire Group, Inc. (the “Company”) announced that the Board of Directors appointed Karim Donnez as the Company’s Chief Executive Officer, effective June 12, 2023. Mr. Donnez will succeed Jochen Zeitz, whose term as Chief Executive Officer will conclude June 11, 2023. Mr. Zeitz will remain as Chairman of the Board of Directors. .
Mr. Donnez, age 46, previously served as President, Marine Group of Bombardier Recreational Products Inc. (“BRP”), a Canadian manufacturer of snowmobiles, all-terrain vehicles, side by sides, motorcycles, and personal watercraft, since May 2022, Senior Vice President, Marine Group of BRP, from February 2020 to May 2022, and Senior Vice President, Strategy, Business Development and Transformation, from July 2015 to February 2020. Prior to joining BRP in 2015, Mr. Donnez held leadership positions at Rio Tinto, a multinational metals and mining company, from August 2018 to July 2015 most recently as General Manager, Refinery & Energy for Rio Tinto Kennecott. Mr. Donnez started his career at Accenture plc.
In connection with his appointment as Chief Executive Officer of the Company, the Compensation Committee approved the following compensation for Mr. Donnez: annual base salary of $600,000, target annual cash incentive of 100% of base salary (with the payout prorated for the portion of the year during which he served as Chief Executive Officer), and, commencing in 2024, a target long-term equity incentive of 300% of base salary. In connection with his hire, Mr. Donnez will receive an initial grant of restricted stock units, valued at $3,000,000, which vest in three equal installments on each of the first, second and third anniversaries of the grant date, so long as Mr. Donnez remains employed by the Company, subject to certain accelerated vesting provisions in the award agreement.
A copy of the related Press Release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit |
Description | |
99.1 | Press Release of LiveWire Group, Inc., dated June 5, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LiveWire Group, Inc. | ||||||
Date: June 5, 2023 | /s/ Amanda Parker | |||||
Amanda Parker | ||||||
Chief Legal Officer & Corporate Secretary |
Exhibit 99.1
FOR IMMEDIATE RELEASE
LiveWire Group, Inc. appoints Karim Donnez as CEO
MILWAUKEE, June 5, 2023 / PRNewswire/ LiveWire Group, Inc. (LiveWire) (NYSE: LVWR), today announced the appointment of Karim Donnez as Chief Executive Officer (CEO), effective June 12, 2023. Donnez will succeed current CEO Jochen Zeitz who, having served as CEO for an agreed period, will remain as Chairman of LiveWire Group, Inc.
Jochen Zeitz, Chairman and CEO, LiveWire, and Chairman, President, and CEO of Harley-Davidson, said: Having successfully stood-up LiveWire as a brand and listed the Company on the NYSE, Im excited to pass the baton to Karim and to welcome him as LiveWires new CEO, following an extensive global search process. Karim is an entrepreneurial business leader with a demonstrable track record of driving transformational growth through both strategy development and implementation. The Board and I look forward to Karim realizing the potential of LiveWire, as we continue on the Companys journey to lead the electrification of the sport.
Donnez joins LiveWire from Bombardier Recreational Products Inc. (BRP) where he was most recently President of BRPs Marine Group, having held various roles since joining the company in 2015, including SVP, Strategy, Business Development and Transformation.
Prior to joining BRP, Donnez held leadership positions at Rio Tinto, most recently as General Manager, Refinery & Energy for Rio Tinto Kennecott, where he oversaw business transformation initiatives as part of corporate global functions. Donnez started his career at Accenture.
Donnez holds an MSc in Engineering from Arts et Métiers ParisTech and an MBA from HEC Montréal.
About LiveWire
LiveWire has a dedicated focus on the electric motorcycle sector. LiveWires majority stockholder is Harley-Davidson, Inc. LiveWire comes from the lineage of Harley-Davidson and is capitalizing on over a decade of its learnings in the EV sector. With a dedicated focus on EV, LiveWire plans to develop the technology of the future and to invest in the capabilities needed to lead the transformation of motorcycling. www.livewire.com
### (HOG-OTHER)
Media Contact:
George Prassas
george.prassas@harley-davidson.com
+44 7752 080 383
Jenni Coats
jenni.coats@harley-davidson.com
+1 414 343 7902
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