Harley-Davidson Inc. elected Michael Cave as nonexecutive chairman of its board of directors, the company announced Monday.
Cave will succeed Richard Beattie, the former nonexecutive chairman of the board of directors, who retired following the company’s annual meeting of shareholders after serving more than 20 years, according to a company press release.
Cave retired from The Boeing Company, where he served as senior vice president, according to the release. He has been a member of the motorcycle manufacturer’s board since 2012, and is currently the board’s human resources committee chairman.
During his tenure at Boeing, he served in various leadership positions, including senior vice president and chief financial officer of Boeing Commercial Airplanes, SVP of Commercial Airplane Programs, vice president of finance at Boeing Information Defense Systems, and SVP of business development and strategy.
Milwaukee, Wis.-based Harley-Davidson Inc. is the parent company of Harley-Davidson Motor Co. and Harley-Davidson Financial Services (HDFS). HDFS saw an 8.9% jump — to $683.6 million — in its year-over-year origination volume in the first quarter, the company previously announced.
Subprime has represented between 15% and 25% of the captive’s origination mix, Harley-Davidson’s Chief Financial Officer John Olin said during an earnings call. “Subprime is a fantastic business for us. We have tremendous returns on it and sell a lot of incremental motorcycles, and we are seeing subprime normalize a little bit.”