Toledo’s Libbey Inc. said today that it would lay off five percent of its managerial, professional, and administrative workforce worldwide as part of a restructuring.
Libbey said it will attempt to strengthen and grow its business by changing its business strategy to one based on regional leadership, instead of a global leadership.
The majority of those affected the company’s cuts already have been notified, however, an exact number was not available. New management changes will be effective on Aug. 1, company treasurer Ken Boerger said.
“We are taking the necessary steps to ensure Libbey thrives in today’s competitive market,” Stephanie Streeter, the company’s chief executive officer, said in a statement. “This new strategy will build on Libbey’s long legacy and many strengths, and improve the company’s competitive position to realize new opportunities across our business.”
Under the new strategic plan, which the glassware maker said will “strengthen its core business and enable [Libbey] to improve profitability and realize growth opportunities,” the company has created a new Strategy Program Management Office headed by former Libbey Chief Financial Officer Richard Reynolds.
Libbey said it is reorganizing its leadership structure into three regions — the Americas; Europe, the Middle East and Africa; and Asia Pacific.
Daniel Ibele and Salvador Minarro will head up the Americas region. Gary Moreau, current vice president and general manager of Asia Pacific operations, will retain that position. The company said it is searching for an executive to become head of its new Europe, Middle East, and Africa region.