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St. Jude announces layoffs, restructuring and an executive shuffle following bleak quarter

Thu, 08/30/2012 - 5:00pm
Mass Device

Following a tough 2nd quarter, St. Jude Medical plans to cut about 300 positions as it restructures its product divisions into separate implantable electronics and cardiovascular & ablation divisions, announcing an executive shakeup along the way.

St. Jude Medical logo

Medtech titan St. Jude Medical (NYSE:STJ) announced a company-wide overhaul, including mass layoffs, general restructuring and an executive shake-up.

The medical device company plans to restructure its entire business from 4 divisions into 2 new operating units: the Implantable Electronic Systems Division (IESD) and the Cardiovascular and Ablation Technologies Division (CATD).

St. Jude will also centralize certain support functions, such as information technology, human resources, legal, business development, and many marketing functions, according to an SEC filing.

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