NATICK, Mass. (AP) — Boston Scientific Corp. plans to shed as many as 1,500 jobs worldwide, or 6 percent of its workforce, in an effort to cut costs.
The company also said Thursday that its CFO is leaving. Boston Scientific is promoting its corporate controller to replace him.
The Natick, Mass.-based medical device maker had already announced up to 1,000 job cuts in January in response to limited growth prospects in certain markets and taxes related to the health care overhaul. That's on top of a 2011 cost-cutting plan that included the elimination of 1,200 to 1,400 jobs. The company has about 24,000 employees.
In the newest plan, it said it will eliminate 1,100 to 1,500 jobs over the next two years through attrition and layoffs. It hopes to trim annual operating expenses by up to $200 million and invest some of the savings in initiatives that will bolster its growth.
The company's shares fell 38 cents, or 3.1 percent, to $11.91 in morning trading. The stock has been trading around five-year highs.
The company said sales of implantable defibrillators and pacemakers improved slightly compared to last year. Boston Scientific and its competitors have suffered through a broader, multiyear slump in use of the heart-shocking devices following a series of recalls that affected all of the major manufacturers.