Harley-Davidson will lay off 500 employees as part of turnaround strategy

CHICAGO — Harley-Davidson on Thursday said it will lay off 500 employees this year as part of new Chief Executive Jochen Zeitz's efforts to revive the struggling motorcycle maker.

As part of the overhaul, Chief Financial Officer John Olin will leave the company effective immediately. Darrell Thomas, treasurer, will become interim chief financial officer, it said.

Harley-Davidson's sales have been declining for the past five years in the United States, its largest market, as its baby-boomer customer base ages. The economic pain caused by the coronavirus pandemic has further dented retail demand.

In response to weak sales, the Milwaukee-based company has cut production, leading to 140 job cuts last month at its factories in Pennsylvania and Wisconsin.

The latest cuts are in addition to those layoffs, a company spokeswoman said.