LONDON, Sept. 12 (Xinhua) -- British American Tobacco (BAT) on Thursday announced a plan to cut around 2,300 jobs globally, as part of the company's reform measures.
The British tobacco giant said the fresh program aims to "simplify its business and create a more efficient, agile and focused BAT."
To meet evolving consumer needs, the company will "reinvest in the growth of its portfolio of 'new categories' such as vapor, tobacco heating products and oral tobacco."
According to the firm, the proposals will reduce management layers, which is likely to affect over 20 percent of the senior roles. The program is set to be completed by January 2020.
Jack Bowles, who became the company's chief executive five months ago, said that he has been clear to "make BAT a stronger, simpler and faster organization and ensure a future fit culture."
"My goal is to oversee a step change in 'new category' growth and significantly simplify our current ways of working and business processes, whilst delivering long-term sustainable returns for our shareholders," said Bowles. "This is a vital first move to help achieve these goals."
He added that the decisions would be difficult for employees, but "ultimately it is the right thing for our business."
"As a result, BAT will be better placed to deliver on our target of generating 5 billion pounds (6.15 billion U.S. dollars) of revenue in 'new categories' by 2023-24," said Bowles.
