Cargill said on Dec. 3 that it plans to cut 5% of its workforce, or about 8,000 jobs, after decreased revenue in the latest fiscal year.
Most of the job reductions will take place this year, according to Cargill President and CEO Brian Sikes in a memo obtained by Reuters.
“They will focus on streamlining our organizational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work,” Sikes said.
Cargill reported a revenue of $160 billion for the 2024 fiscal year, down from $177 billion a year earlier. The company said less than one-third of its businesses met their earnings goals.
