Harley-Davidson cuts 700 jobs, loses CFO in restructuring push
Harley-Davidson Inc. is eliminating 700 positions and replacing its chief financial officer in the latest series of restructuring moves by the struggling motorcycle manufacturer.
The cuts will affect 500 current employees globally and cost the company $50 million in restructuring costs in 2020, of which $42 million will be incurred in the second quarter, the company said. John Olin, a 17-year veteran of the company, is stepping down as CFO effective immediately and being replaced on an interim basis by Darrell Thomas, who will continue to serve as treasurer.
Harley announced last month it would eliminate approximately 140 production jobs at facilities in Wisconsin and Pennsylvania to adjust to lower sales volumes.
The changes come as newly installed Chief Executive Officer Jochen Zeitz implements a plan to revive the manufacturer. Zeitz, a Harley board member and former CEO of sneaker company Puma SE, took the top job at Harley in May after serving on an interim basis to replace Matt Levatich, who stepped down in February.