(Reuters) -Global trading house Cargill plans to cut around 5% of its worldwide employees, according to an internal memo reviewed by Reuters on Tuesday.
“The majority of these reductions will take place this year. They will focus on streamlining our organisational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work,” Brian Sikes, president and chief executive officer at Cargill, said in the memo.
“Impacts to our operations and frontline teams will be kept to a minimum as we empower them to continue delivering for our customers.”
The move came after Cargill said in another internal memo that it would undergo structural changes after missing internal earnings goals, with plans to streamline operations into three units instead of five as part of the U.S.-based company’s 2030 strategy, Reuters reported in August.
Bloomberg News reported Cargill’s plan earlier.
