Harley’s CEO gets $4.25M package
The chief executive officer of motorcycle maker Harley-Davidson Inc. received compensation last year that the company valued at $4.25 million, according to a regulatory filing Wednesday.
James L. Ziemer’s compensation included a salary of $824,551, according to the company’s proxy statement filed with the Securities and Exchange Commission.
Ziemer, 57, who has been president and CEO since 2005, also received $989,461 in compensation under a nonequity incentive plan and $75,697 in other compensation, including a non-qualified deferred compensation plan matching contribution of $25,824. He also received stock and option awards with an estimated value of $2.36 million at the time they were granted.
The Associated Press calculations of total pay 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. They may vary from totals listed in the summary compensation table in the company’s proxy filed with the SEC.
The proxy statement said Ziemer, who has worked at Harley for 38 years, acquired 106,344 shares in 2006 with an estimated value of nearly $5.34 million.
The iconic motorcycle maker, based in Milwaukee, ended the fourth quarter with profit up 9.7 percent and revenue up 11.9 percent to $1.50 billion from $1.34 billion in the same period the previous year.
Harley finished last year with net income up 8.7 percent to $1.04 billion, or $3.93 per share, compared with a profit of $959.6 million, or $3.41 per share, in 2005.
A strike at one of the company’s largest production plants earlier this year resulted in a loss of one month’s production and forced Harley to lower its guidance for the year, predicting earnings per share growth ranging from 4 percent to 6 percent. Before the three-week strike at the plant in York, Pa., Harley had said it expected revenue growth of between 11 percent and 17 percent each year through 2009. When lowering its guidance for the year, Harley said it expected to return to that growth rate in 2008.
The company has said it will release first quarter earnings on April 19.