GI Dynamics to cut 10% of jobs

Medical device maker GI Dynamics (ASX:GID) will cut 10% of its workforce and has announced the departure of CFO, secretary and treasurer Robert W Crane as part of a company restructuring.

Crane and GI Dynamics have mutually agreed to terminate Crane’s contract at the end of a notice period.

GI Dynamics CEO Michael Dale said the cutbacks are being motivated by a re-evaluation of the company’s corporate strategy.

“I want to thank Bob and the other affected employees for their contributions to GI Dynamics over the past several years,” he said. “We will not immediately be replacing Bob’s position as existing finance team members will assume his responsibilities.”

He added that the company plans to unveil its strategic plan moving forward over the next few months.

Crane’s departure comes six months after GI Dynamics chief commercial officer Mark C Twyman left the company.

Dale himself took on the CEO role in August following the departure of long-serving chief Stuart A Randle.

GI Dynamics (ASX:GID) shares were trading 1.75% lower at $0.28 as of around 1 pm on Tuesday.