MILWAUKEE, WI — Harley-Davidson Inc. plans to cut about 700 global positions and announced the immediate departure of one of its top executives in a restructuring plan the company is calling a “rewire.”
In a filing with the U.S. Securities and Exchange Commission posted Thursday, Milwaukee-based Harley-Davidson officials said they approved the plan June 28 and rolled it out this week.
Company executives said they will eliminate about 700 positions globally, impacting about 500 current employees.
In the filing, company officials said John A. Olin is leaving his role as senior vice president and chief financial officer, effective immediately.
Olin served the company for the last 17 years.
“As Mr. Olin moves on to his next professional ventures, the company wishes him well with our gratitude and respect for his many contributions during his time with the company,” Harley-Davidson said in a statement.
Darrell Thomas, 60, vice president and treasurer, will become interim chief financial officer, effective immediately, in addition to maintaining his duties as treasurer.
Thomas has been in his current position since 2010.
As a result of the restructuring plan, Harley-Davidson officials said they expect the restructuring to cost about $50 million — mostly in cash charges.
“The company expects to incur restructuring charges for one-time termination benefits of about $30 million, accelerated depreciation of approximately $5 million and contract termination and other costs of approximately $15 million through 2020,” officials said in the filing.