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Harley-Davidson Inc said on Thursday its Chief Financial Officer John Olin will leave the company effective immediately as part of a restructuring strategy that will lead to 500 layoffs this year.

The restructuring is part of new Chief Executive Jochen Zeitz’s efforts to turn around the struggling motorcycle maker’s fortunes.

In all, the restructuring will eliminate 700 positions globally. It will result in a $50 million restructuring charge in 2020, including $42 million in the second quarter.

Zeitz said the overhaul is aimed at eliminating complexity and getting the company on “a path to winning.”

“Our new operating model is simpler, more focused and enables faster decisions across the entire company,” he said in a statement.

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 coronavirus pandemic has further dented retail demand.

Darrell Thomas, treasurer of the company, will become interim chief financial officer, Harley-Davidson said.

Harley’s shares were down 0.5% at $25.45 in morning trade.

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