Medical device maker St. Jude Medical Inc. says it will eliminate 300 employees as part of a restructuring plan designed to save the company more than $50 million per year.

On its website St. Jude says it employs more than 16,000 people worldwide.

St. Jude will consolidate its four business units under two overarching operations: implantable electronic systems and cardiovascular and ablation technologies. St. Jude also plans to centralize various support jobs including human resources, business development, marketing and information technology. The restructuring is expected to save the company between $50 and $60 million starting in 2013.

The implantable systems unit will manage the company's heart pacing and nerve-stimulating implants. The cardiovascular and ablation technologies unit will include heart valves and surgical tools. Eric Fain will head the implantable electronics unit, and Frank Callaghan will run the cardiac and ablation technologies unit.

CEO Daniel Starks said the move is designed to "accelerate our growth," by "reducing costs, leveraging economies of scale" among other strategies.

St. Jude also announced three other executive moves. CFO Donald Zurbay will expand his role to oversee IT, HR, legal and business development. Rachel Ellingson was named vice president, corporate relations and Kathleen Chester takes on the newly created role of vice president, global regulatory.

St. Jude shares fell 19 cents to $37.89 in afternoon trading.