In a press release, American motorcycle maker Harley-Davidson announced chief executive officer Matthew Levatich has resigned. This follows a corporate announcement of a 5.2% drop in US sales and an overall 4.3% shortfall worldwide.

Levatich, who was President and CEO of H-D, as well as a member of the Board of Directors, relinquished duties on February 28 after being with the Milwaukee firm for 26 years. However, he will remain in H-D to assist with the transition to the new CEO till the end of March.

H-D’s board of directors will be forming a special committee and engaging an external firm in the search for a new CEO. Jochen Zeitz has been named Chairman of the Board and will act as CEO till Levatich’s replacement is found.