Harley-Davidson looks outside the industry for fresh ideas to rejuvenate the company as it hires Tyson Foods executive Gina Goetter as its new chief financial officer. Goetter helped Tyson Food’s prepared food segment, which generates about $9 billion in annual revenue, reinvent its business model. Prior to that she played a similar role with General Mills, Inc., leading the re-engineering of its business model and optimizing procurement strategies as CFO of its $3.6 billion meals-and-baking unit. Harley-Davidson is in dire need of revamping its business model after several straight quarters of slumping sales, and with her experience in company restructuring and cost-cutting, Goetter will undoubtedly be an instrumental part of Harley’s “Rewire” and “Hardwire” initiatives.

Goetter, who will be Harley-Davidson’s first female chief financial officer, assumes her new role Sept. 30. She will be replacing interim CFO Darrell Thomas, who stepped in for John Olin, Harley’s Chief Financial Officer from 2009 to 2020. Goetter will oversee Harley-Davidson’s finances, which booked about $5.36 billion in consolidated revenue in 2019. It’s been a tenuous stretch for The Motor Company as it fell out of the S&P 500 back in June due to its share price dropping more than 30% since the beginning of the year.

Harley-Davidson’s official announcement is below, courtesy of PR Newswire:

Harley-Davidson, Inc. ("Harley-Davidson") (NYSE:HOG) announced that Gina Goetter, a top finance executive at Tyson Foods, will join the company as Chief Financial Officer, effective September 30.

Goetter has more than twenty years of experience driving strong financial and operational results and leading transformational change. Most recently, she served as Senior Vice President and CFO of Tyson Foods’s prepared foods segment, where she led the reinvention of the segment’s business model to stabilize cash flow and right-size the cost structure. Prior to Tyson Foods, Goetter held various global leadership positions with General Mills, Inc., where she led business model re-engineering and optimized procurement strategies and logistics. Goetter earned a Bachelor of Science in Finance and Economics from the University of Wisconsin – La Crosse and an MBA with a dual concentration in Finance and Marketing from Boston College.

“Gina is a CFO with the experience to drive a transformation of core processes and reporting for improved operational efficiency, build a global shared services model and modernize accounting and controls,” said Jochen Zeitz, chairman, president and CEO of Harley-Davidson. “She will add to the fresh perspectives and new capabilities now represented at the leadership level that complement the experienced talent that has been promoted from within. We have a diverse management team structured in a new way that is designed to fuel Harley-Davidson’s brand desirability and lead Harley-Davidson as a high-performing organization.”

Darrell Thomas, who assumed the role of interim CFO, will continue as Vice President and Treasurer.

The company is currently continuing through The Rewire, Harley-Davidson's efforts to, among other things, overhaul its operating model. The Rewire is planned to continue through the end of 2020, leading to The Hardwire, a new strategic plan for 2021-2025.