Swiss chocolate maker Barry Callebaut (BYCBF.PK) reportedly plans to cut up to 2,500 jobs, about 20% of its workforce within 18 months, to reduce costs.
According to reports, the Swiss company plans to cut costs by 15%. Barry Callebaut Chief Executive Peter Feld first talked about the job cuts in an interview with German newspaper Handelsblatt published Monday.
The jobs would be cut primarily by eliminating duplication and inefficiencies, the company's spokeswoman said.
"We have failed in the past to regularly assess our positioning for the future," said CEO Peter Feld, who took the rein of the company in April 2023.
In September 2023, the company announced it would invest 500 million Swiss francs over the next two years and reduce costs by 15%, or CHF250 million annually.
The measures are part of a strategic overhaul that seeks to strengthen its core areas and move decision-making closer to markets and customers, it said at the time.
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