Artie Starrs
HARLEY-DAVIDSONAbout Artie Starrs
Artie Starrs is President and Chief Executive Officer of Harley‑Davidson (effective October 1, 2025) and joined the Board upon assuming the role . He previously served as CEO of Topgolf, where revenues grew ~50% from $1.1B in 2021 to $1.8B and the brand expanded into five additional countries . At Yum! Brands’ Pizza Hut, he was Global CEO (2019–2021) after prior finance and operating roles; earlier roles include CFO of Rave Cinemas and investment banking at Wasserstein Perella . Initial operating context at HOG as he takes the helm: Q3 2025 consolidated revenue +17% y/y to $1,341M, diluted EPS $3.10, HDMC revenue +23%, shipments +33%, while global retail sales −6% y/y .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Topgolf International, Inc. | Chief Executive Officer | 2021–2025 | Revenues grew ~50% (from $1.1B to $1.8B); expanded into five additional countries across Europe and Asia |
| Pizza Hut (Yum! Brands) | Global Chief Executive Officer | 2019–2021 | Led brand to 18,000+ locations across 110 countries |
| Pizza Hut (Yum! Brands) | President, GM, CFO, VP Finance (prior roles) | n/a | Senior finance and operating leadership preceding CEO role |
| Rave Cinemas | Chief Financial Officer | n/a | Corporate finance leadership at major cinema chain |
| Wasserstein Perella | Investment Banker | n/a | Early career in corporate advisory and capital markets |
External Roles
| Organization | Role | Years |
|---|---|---|
| Dine Brands Global, Inc. | Director | Current |
| Five Iron Golf | Director | Current |
| Grubhub, Inc. | Director | Prior |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $1,200,000 annually |
| Target STIP (cash bonus) | 150% of base salary, eligibility beginning in 2026 |
| Health/welfare and perquisites | Eligible for senior executive benefit plans; relocation package |
| One-time cash award | $2,000,000; subject to repayment if voluntary termination within 12 months of Oct 1, 2025 |
| Executive Severance Plan coverage | Covered; “Covered Termination” also includes resignation for Good Reason; no material reductions to severance terms without his consent |
Performance Compensation
Equity awards and long-term incentives
| Award | Grant value | Vesting | Notes |
|---|---|---|---|
| One-Time RSU Award | $4,500,000 | 3 equal annual installments starting 1 year after grant date; continued employment required | |
| Pro‑Rata 2025 RSU Award | $1,625,000 | 3 equal annual installments starting 1 year after grant date; continued employment required | |
| Annual LTIP grants (starting Feb 2026) | $6,500,000 (value) | As set in LTIP; mix and metrics per plan year | |
| Anti‑hedging/pledging | Prohibited for officers and employees | ||
| Vesting design (company-wide) | Double‑trigger vesting for long‑term incentive awards since 2019 |
Incentive plan metrics framework (company)
| Plan | Metric | Weight | Target | Actual | Payout | Vesting/period |
|---|---|---|---|---|---|---|
| STIP (2025 design) | Operating Income | 80% | Not disclosed | Not disclosed | Not disclosed | Annual |
| STIP (2025 design) | Global retail sales of new motorcycles | 20% | Not disclosed | Not disclosed | Not disclosed | Annual |
| PSUs (NEO LTIP) | HDMC ROIC | 50% | Not disclosed | Not disclosed | Not disclosed | 3‑year goals |
| PSUs (NEO LTIP) | HDMC Revenue | 50% | Not disclosed | Not disclosed | Not disclosed | 3‑year goals |
Notes: The company disclosed design and weightings; specific targets/actuals/payouts for future cycles are not disclosed. 2024 STIP paid 0% due to performance below threshold, demonstrating pay-for-performance enforcement .
Equity Ownership & Alignment
| Policy/Item | Status |
|---|---|
| Stock ownership guideline (CEO) | 6x base salary; RSUs count, performance shares not yet earned do not; 5‑year phase‑in to reach compliance |
| Anti‑hedging and pledging | Strict prohibition for Directors, officers, employees (e.g., collars, swaps, forwards) |
| Clawbacks | Compliant with SEC restatement clawbacks; extends to DOJ guidance on misconduct; applies to current/former executive officers |
| Option repricing | Prohibited under stock plans |
| Beneficial ownership (Artie Starrs) | Not yet disclosed in 2025 proxy (filed prior to his appointment); will be reported in future filings |
| Shares pledged as collateral | Prohibited under anti‑pledging policy |
Employment Terms
| Term | Details |
|---|---|
| Start date | October 1, 2025 |
| Board service | Joins Board as CEO; Troy Alstead to serve as Chairman effective October 1, 2025 |
| Transition Agreement | Will enter standard Transition Agreement (company practice) |
| Executive Severance Plan | Salary continuation 24 months; prorated annual incentive; lump sum for benefits and outplacement; release and restrictive covenants required |
| Change‑in‑control economics (policy) | Cash severance equals 2x highest annual base salary (last 5 years) + 2x current target bonus; interrupted bonus; health/welfare continuation; double‑trigger vesting; no excise tax gross‑ups (cut‑back or pay‑own Tax under 280G for larger after‑tax benefit) |
| Non‑compete / non‑solicit | Applies under employee/award agreements; compensation recovery per law and company policies |
Performance & Track Record
- Topgolf performance: Revenues grew from $1.1B (2021) to $1.8B (~2025), +50%; portfolio scaled to 100+ venues and expanded into five additional countries .
- HOG operating context in Q3 2025: Consolidated revenue $1,341M (+17% y/y); diluted EPS $3.10; HDMC revenue +23%; shipments +33%; global retail sales −6% y/y; dealer inventories −13% y/y .
HOG recent fundamentals
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($USD) | $430.9M* | $1,084.2M | $1,049.7M | $1,079.5M |
| EBITDA ($USD) | ($138.1M)* | $217.6M* | $168.2M* | $534.3M* |
Values retrieved from S&P Global.*
Investment Implications
- Alignment signals: Large front‑loaded RSU grants with 3‑year equal vesting, strict anti‑hedging/pledging, and 6x‑salary ownership guideline suggest meaningful skin‑in‑the‑game and reduced misalignment risk; double‑trigger vesting curbs CIC windfalls .
- Retention and selling pressure: The $2M sign‑on cash with 12‑month repay clause plus staggered RSU vesting lowers near‑term voluntary departure risk; monitor RSU vest dates for potential Form 4‑driven supply dynamics .
- Pay-for-performance integrity: STIP/PSU designs tied to operating income, retail sales, ROIC and revenue, and a demonstrated 0% STIP payout in 2024 underscore governance rigor; clawbacks extend to DOJ guidance .
- Downside protections and governance: No excise tax gross‑ups, option repricing prohibition, and standard severance constructs (including Good Reason coverage for Starrs) reduce shareholder‑unfriendly practices .
- Strategic focus under Starrs: Early CEO commentary emphasizes dealer profitability, brand connection, localized marketing and capital‑efficient growth—watch for KPIs on dealer health and retail recovery as leading indicators of execution quality .