Dive Brief:
- Motorcycle maker Harley-Davidson’s CFO Gina Goetter is stepping down from her role at the end of the month to take on the same role at toy maker Hasbro, effective May 18, the company announced Wednesday. Vice president, treasurer David Viney will serve as interim CFO after Goetter's departure on April 28.
- Goetter succeeds Deborah Thomas, who announced her retirement after a 24-year stint with Pawtucket, R.I.-based Hasbro back in November.
- The news of incoming CFO Goetter comes as the toy and entertainment company behind Transformers, Play-Doh and Monopoly also announced Tim Kilpin as President of Toy, Licensing & Entertainment, effective April 24, 2023, according to a Wednesday filing with the Securities and Exchange Commission.
Dive Insight:
Goetter, 46, is set to receive an annual base salary of $1 million with an annual incentive award of 100% of her earned base salary. In 2024, the finance chief will be eligible to receive awards under the company’s long-term equity incentive program with an annual target of 300% of her annualized base salary. She will also receive a sign on cash bonus of $350,000, the filing said.
Before stepping down from her almost three year post at Milwaukee, W.I.-based Harley-Davidson, Goetter was senior vice president of finance of the prepared foods segment of Tyson Foods, Inc. from 2019 until 2020. Prior to Tyson Foods, Goetter spent 21 years at General Mills in various leadership roles, including vice president, financial operations of the meals and baking operating unit from 2017 to 2019.
As Goetter departs from Harley-Davidson, treasurer Viney will take on CFO duties on an interim basis.
The company reported revenue growth of 14% for the fourth quarter compared to the previous quarter, citing behind unit growth and global pricing, while annual global retail sales declined eight percent, which was impacted by production suspension and the inability to replenish dealer inventories in peak riding season, according to a company statement on Feb. 2.
Harley-Davidson, like many organizations, is grappling with what to do with their real estate, after shuttering its Milwaukee, W.I. headquarters back in 2020 in light of the pandemic, and not reopening since, according to a previous report from Bloomberg.
As many organizations like Apple, General Motors and Goldman Sachs scheme to lure employees back into the office, CEO Jochen Zeitz rejected the idea, saying that an online work environment inhibits democratization, Bloomberg reported.
Office space has proven to be an area where many companies are looking to cut costs, something many finance chiefs are keeping a keen eye on as The Fed raises the main interest rate more aggressively than at any time since the early 1980s.
Hasbro is also looking to cut costs, announcing in January plans to reduce its global workforce by 15%. The toy maker in February reported that revenue for the quarter ending Dec. 25 fell 17% compared with a year earlier to $1.68 billion.
