Harley-Davidson has taken another step forward with its “Rewire” plan, as CEO Jochen Zeitz is set to cut 700 jobs from the company worldwide, with 500 employees expected to be cut by the end of the year.

As a result of this news, the company’s current CFO, John Olin, is stepping down from his role effective immediately, thus ending his 17-year tenure at the Bar & Shield brand.

Replacing Olin as the interim-CFO at Harley-Davidson is Treasurer Darrell Thomas, who will hold the spot while the motorcycle manufacturer looks for a more permanent replacement.