St. Jude Medical, a company that makes medical devices such as pacemakers and catheters, this week announced that the company will be reorganizing its product divisions into two units. The company also stated that it will “centralize” support functions such as human resources, IT, legal, and marketing. The move will result in 300 employees being laid off.

“The reorganization we have announced today is part of a comprehensive plan to accelerate our growth,” said Daniel Starks, chairman, president, and CEO of St. Jude Medical. “We are focused on reducing costs, leveraging economies of scale, maintaining the highest level of quality, and funding our entire portfolio of new growth drivers.”

Though the reorganization includes layoffs, the company has also named three new executive officers. Donald Zurbay will serve as vice president of finance and CFO, Rachel Ellingson will serve as vice president of corporate relations, and Kathleen Chester will serve as nice president of global regulatory.

St. Jude Medical estimated that the reorganization will result in a reduction of its pre-tax expenses by around $50-$60 million, starting next year.

The two new product division units will be the Implantable Electronic Systems Division (IESD) and the Cardiovascular and Ablation Technologies Division (CATD). The IESD will combine the Cardiac Rhythm Management Division and the Neuromodulation Division. The CATD will be made up of the Atrial Fibrillation Division and the Cardiovascular Division.