Motorcycle maker Harley-Davidson on Thursday named Jochen Zeitz as chief executive officer.

Zeitz has served as acting president and CEO of the company since February 2020.

Word of the appointment cheered Wall Street, sending shares up 8.2 percent early afternoon, at $21.17.

It was a much-welcomed piece of good news.

In April, Harley-Davidson laid off most of its global production employees.

Later that month, the company reported that quarterly profit had slid 45 percent amid the coronavirus epidemic.