RTTNews | Nov 30, 2021 07:31AM EST

07:30 Tuesday, November 30, 2021 (RTTNews.com) - Elanco Animal Health Incorporated (ELAN) announced proposed structural changes to simplify the organization. The restructuring will eliminate approximately 380 positions around the world, including reducing the company's senior management by approximately 20%.

Executive committee members Racquel Harris Mason, executive vice president and Chief Marketing Officer, Dirk Ehle, executive vice president and president Elanco Europe, and Joyce Lee, executive vice president and president U.S. Pet Health and Commercial Operations will exit Elanco on December 31, 2021.

The company expects to record a fourth quarter 2021 pre-tax charge for severance costs of between $86 million to $94 million in connection with the restructuring, reducing fourth quarter reported GAAP net income by $65 million to $71 million and per share results by approximately $0.13 to $0.15.

The company noted that there is no change to the previously disclosed 2021 guidance for revenue, adjusted EBITDA, and adjusted earnings per share.

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