Harley-Davidson (HOG, Financial) just made headlines—but not for the reasons investors hoped. Board member Jared Dourdeville, representing 9% shareholder H Partners, has resigned after a fiery fallout over CEO succession and the company's direction. In a sharply worded letter, Dourdeville cited “cultural depletion,” executive turnover, and misalignment with the core brand as key issues. He also slammed Harley's response to political pressures and accused leadership of alienating dealers with excess inventory and a broken product strategy. Four days before stepping down, Dourdeville had called for the immediate resignation of CEO Jochen Zeitz and two longtime board members.

Harley responded quickly: Zeitz will step down—but only after a successor is named. The company also defended its strategic direction, pointing to top-tier shareholder returns compared to peers. It dismissed the idea that Dourdeville had consistently pushed back in board meetings, noting he only dissented once—when his pick for the next CEO was shot down. Despite the public drama, H Partners says it's not going anywhere and will remain a shareholder.

Here's what matters: This isn't just boardroom noise—it's a red flag for governance risk. Investors now have to weigh the leadership transition, brewing tension with major shareholders, and a potential identity crisis as Harley tries to balance legacy and modern relevance.