St. Jude Medical has announced a realignment of its product divisions into two new operating units: the implantable electronic systems division (IESD) and the cardiovascular and ablation technologies division (CATD). The company also will centralize several support functions, including IT, human resources, legal, business development and marketing functions.

As an additional part of the reorganization, the company is reportedly laying off 300 employees, starting next year, in the hopes of cutting $50 million to $60 million in expenses, reported the Star Tribune.

IESD will be led by Eric S. Fain, MD, and will include the former cardiac rhythm management division and the former neuromodulation division. Fain was previously president of the cardiac rhythm management division.

Frank J. Callaghan, MS, will oversee CATD, which will include the former atrial fibrillation division and the former cardiovascular division. He previously served as president of the company’s cardiovascular division since 2008. He joined St. Jude as vice president of research and development for the atrial fibrillation division in 2005 as part of the Endocardial Solutions acquisition.

Fain and Callaghan will report to Group President Michael T. Rousseau. As part of the reorganization, three additional executive officers have been named: Donald J. Zurbay, Rachel H. Ellingson, MBA, and Kathleen M. Chester. Zurbay is now vice president, finance and chief financial officer, reporting to John C. Heinmiller, who is taking on an expanded role as executive vice president. Ellingson has been named vice president, corporate relations. Chester has been named to a newly created role of vice president, global regulatory.

Based in St. Paul, Minn., the company added that its U.S. and international divisions, which are focused on product commercialization, will continue serving customers based on existing call points and specialties.