(Reuters) – Harley-Davidson Inc said on Friday the human resources committee of its board approved a discretionary bonus to be paid in February to all eligible employees who joined on or before Sept. 30.
The bonus will be 60% of each eligible employee’s 2020 bonus target, prorated per their joining, Harley said in a regulatory filing.
“Employees will not receive any payments under any short-term incentive plan in respect of 2020 performance”, the company said.
It temporarily reduced executive salaries during the year to better cope with the impacts of the coronavirus outbreak, according to its filing.
In its latest quarterly results revealed in October, the company beat profit expectations as tighter inventories helped drive up prices. It also reined in costs as part of Chief Executive Officer Jochen Zeitz’s restructuring plan.
Zeitz’s strategy to shift the focus back to big bikes and traditional markets such as the United States and Europe, has helped with the sharp recovery from the pandemic lows.
(Reporting by Kanishka Singh in Bengaluru; Editing by Shinjini Ganguli)
