The owner of “nutritional snacks” brands Quest, Atkins and Owyn plans to slash its workforce amid a broader cost-cutting and “corporate realignment” effort, company officials announced Tuesday.
The Simply Good Foods Company said that the initiative would impact about 15% of “overall staffing levels” compared to its “prior plans.” The company also announced a series of changes to its executive leadership, including a new chief administrative officer and a new senior vice president of operations.
The company said it aims to generate about $17 million in annual savings through its cost-cutting efforts. The announcement did not indicate how many current positions would be impacted by the moves.
Simply Good President and CEO Joe Scalz said that the initiatives would “simplify our structure and enhance our flexibility” following an assessment designed to “return the business to a compelling growth trajectory.”
“Decisions that impact our people are not taken lightly and I deeply appreciate the contributions of everyone in our organization,” Scalz said in the statement. “At the same time, I believe realigning our business and leadership model will prove critical to improving our entrepreneurial accountability, financial discipline and operational rigor.”
