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Novartis cuts 550 sales jobs

Swiss company Novartis has announced that 550 posts in its US salesforce will be lost as part of a restructure

Swiss company Novartis has announced that 550 posts in its US salesforce will be lost as part of a restructure.

Novartis plans to better address the differences in local market dynamics through the implementation of a new programme, Customer Centric Initiative. Five cross-functional regional units will replace the current nationally managed salesforces.

As a result, 550 full-time equivalent posts will be lost. However, Novartis claims that more than half of these posts are currently vacant and will be cut without being filled. It is anticipated that by 2010 these changes will result in annual savings of $80m.

The company has also announced changes to its management structure with the appointment of Dr Joerg Reinhardt as the new CEO. He will report to Dr Daniel Vasella, chairman and CEO, whose contract has been extended.

This announcement was made at the same time as Novartis reported a rise in net profit and a 12 per cent increase in net sales to $31.4bn.

Commenting on the results, Dr Daniel Vasella, chairman and CEO of Novartis said: "Despite the economic uncertainty in the world markets, Novartis is on track for another year of record results in 2008, continuing to build momentum by focusing on innovation and performance."

20th October 2008

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