LiveWire Names Restructuring Officer at $140,000 a Month After CEO Resigns
Key Facts
Karim Donnez resigned as LiveWire’s chief executive officer effective October 21, 2026, and the restructuring committee appointed Roy Gallagher as chief restructuring officer and chief executive officer effective October 25, according to the company’s filing with the U.S. Securities and Exchange Commission. Gallagher will lead the company and report to the special committee. The move comes as the committee reviews the company’s options, including financing, a sale, restructuring, recapitalization or similar strategic transactions. These powers give the committee a central role in determining the company’s next course. LiveWire is a separate public company, while Harley-Davidson reports its results within the LiveWire segment.
The special committee consists of William Kornog and David Pars, and has been tasked with reviewing and negotiating options. The filing does not identify a preferred outcome or say that an agreement has been reached on any of these paths. The inclusion of financing, a sale and recapitalization among the options indicates the broad scope of the board-led review. Third-quarter results will be the next near-term financial disclosure after the leadership changes and may add details on the segment’s performance to the discussion of the options under review. Until those results are released, the committee’s authority remains the formal framework the company has disclosed for its review.
Previously reported second-quarter figures present a more balanced picture than a narrative of mounting losses. Net revenue was $9.115 million in the second quarter of 2026, compared with $5.873 million in the same period of 2025. The company attributed revenue growth to higher sales of electric motorcycles and STACYC electric balance bikes. At the same time, it posted an operating loss of $18.014 million, down from $18.264 million a year earlier. Net loss was $18.213 million, compared with $18.826 million in the second quarter of 2025, meaning both operating and net losses narrowed year over year in the quarter, despite the continued recording of substantial losses.
For the first half of 2026, net revenue rose to $14.230 million from $8.616 million in the first half of 2025. The operating loss also narrowed to $35.686 million from $38.930 million. LiveWire said in May that first-quarter revenue increased 86% year over year and that free cash flow improved 25% compared with the first quarter of 2025. These indicators show revenue growth and an improvement in the operating loss year over year, while losses continued. In June, the company announced the start of production of the S4 Honcho Trail and S4 Honcho Street models, and said the first units were expected at dealerships during the summer, with global availability continuing through 2026.
Under the appointment terms, LiveWire will pay Ankura $140,000 a month for Gallagher’s services, in addition to fees for additional personnel and expenses. Gallagher will not receive direct compensation from LiveWire, according to the filing. The arrangement defines the disclosed financial relationship between the company and its new chief through the service provider he works with. In trading, LiveWire shares, listed under the ticker LVWR, closed at $1.68 on October 26, compared with $1.65 on October 23. Harley-Davidson shares, listed under the ticker HOG, closed at $28.85 on October 26, with these prices alone offering no comparison with a broader return.
LiveWire is scheduled to report third-quarter results before the market opens on October 29, 2026, and will not hold a separate earnings call. Harley-Davidson management will discuss the LiveWire segment’s results in its audio webcast scheduled for the same day from 8 to 9 a.m. Central Time. The parent company’s results therefore come two days after the stock prices cited in trading data, as markets await the electric company’s next quarterly figures. The upcoming financial disclosure will allow a comparison of third-quarter performance with first-half results, which showed higher revenue and a narrower operating loss year over year. Financing, a sale or recapitalization will remain among the matters the special committee is reviewing.