GI Dynamics said yesterday that it’s planning to cut 10% of its workforce as it develops a restructuring plan.
The move includes the departure of longtime CFO Robert Crane effective immediately, according to a press release. Lexington, Mass.-based GI Dynamics reported 67 employees in its 2013 annual report.
"This restructuring has been made based on a re-evaluation of our corporate strategy and the skills and resources we believe will be required by the company in the future," president & CEO Michael Dale said in prepared remarks. "I want to thank Bob and the other affected employees for their contributions to GI Dynamics over the past several years. Under Bob’s leadership, the company has built a solid financial organization, which will serve us well going forward. We will not immediately be replacing Bob’s position as existing finance team members will assume his responsibilities."
Dale said GI Dynamics is still developing its strategic plan "in order to fully capitalize on the opportunities before us and fulfill our mission."
"We look forward to communicating that plan over the next several months," he said.
Earlier this month European regulators cleared GI Dynamics to resume sales of its EndoBarrier weight loss device after it resolved concerns over use guidelines and how it reports adverse events.