Harley-Davidson increases number of board members
September 23, 2008
Filed under Features
Harley-Davidson increased its board of directors from 11 people to 12. The company elected Thomas Linebarger to fill the new opening, according to a Harley-Davidson press release.
Linebarger is the president and chief operating officer of Cummins Inc., which designs, manufactures, distributes and services diesel and natural gas engines, electric power generation systems and engine-related component products.
Linebarger will serve as a director with a term expiring at Harley’s 2010 annual meeting of shareholders. He’ll only be on the board’s Audit Committee and its Nominating and Corporate Governance Committee.
The company’s Director Compensation Policy will apply to Linebarger as a non-employee director. He will receive a pro rata portion of the current $100,000 annual retainer that H-D pays to non-employee directors. At least 50 percent of that will be paid in shares of H-D’s common stock and/or share units pursuant to an election of Linebarger under H-D’s Director Stock Plan. He also will receive a grant of 1,000 share units, each representing the value of one share of the company’s common stock, pursuant to the Company’s Director Stock Plan.