Harley-Davidson Inc. says it is eliminating 700 jobs this year as part of its comprehensive effort to rebuild the company.
Chief Financial Officer John Olin, who has been with Harley 17 years, has left the company. His duties are being assumed on an interim basis by Treasurer Darrell Thomas, the company said in a news release.
"Significant changes are necessary and we must move in new directions," Jochen Zeitz, chairman, president and CEO said in the release.
The changes are part of Harley’s efforts called “Rewire.” About 200 of the 700 positions being eliminated are already vacant, the company said, and the remaining 500 will be eliminated by the end of the year.
Worldwide, Harley has 6,000 employees. It does not make public the number of people who work at the company's headquarters in Milwaukee, but the Pilgrim Road factory in Menomonee Falls employs roughly 1,000 people.
Harley says initial Rewire actions are expected to result in $42 million in restructuring costs in the company's second fiscal quarter which ended June 30, and earlier said planned spending cuts would preserve approximately $250 million in cash in 2020.
In a significant cost-savings measure, Harley is now producing motorcycles at its new plant in Thailand and shipping those bikes to the European Union and China.
Earlier this year, Zeitz replaced CEO Matt Levatich, who left the company after 26 years. Before taking over the CEO position, Zeitz was credited for a dramatic turnaround of the Puma sporting goods brand.
Harley spokeswoman Jenni Coats said Zeitz would not do an interview for this article.
Chief Financial Officer John Olin, who has been with Harley 17 years, has left the company. His duties are being assumed on an interim basis by Treasurer Darrell Thomas, the company said in a news release.
"Significant changes are necessary and we must move in new directions," Jochen Zeitz, chairman, president and CEO said in the release.
The changes are part of Harley’s efforts called “Rewire.” About 200 of the 700 positions being eliminated are already vacant, the company said, and the remaining 500 will be eliminated by the end of the year.
Worldwide, Harley has 6,000 employees. It does not make public the number of people who work at the company's headquarters in Milwaukee, but the Pilgrim Road factory in Menomonee Falls employs roughly 1,000 people.
Harley says initial Rewire actions are expected to result in $42 million in restructuring costs in the company's second fiscal quarter which ended June 30, and earlier said planned spending cuts would preserve approximately $250 million in cash in 2020.
In a significant cost-savings measure, Harley is now producing motorcycles at its new plant in Thailand and shipping those bikes to the European Union and China.
Earlier this year, Zeitz replaced CEO Matt Levatich, who left the company after 26 years. Before taking over the CEO position, Zeitz was credited for a dramatic turnaround of the Puma sporting goods brand.
Harley spokeswoman Jenni Coats said Zeitz would not do an interview for this article.
Then they waste effort on an off road adventure bike, another sport bike and an electric model. Discontinue something people wanted and offer bikes no one wants. The 'Hallmark' of great management and leadership. Might as well hire Eddie Lampert to run the company, look at the banged up job he did on Sears/Kmart.
