Shares in Boulder Brands, the maker of Smart Balance spreads and Evol burritos, dropped 5 percent Wednesday to close at $6.43 after the company said it will shed 15 percent of its salaried employees and restructure to cut costs.
The Boulder-based company — one of the largest natural consumer packaged food companies in the U.S. — in June reported co-founder and CEO Steve Hughes had quit and that it expected sales to decline in the second quarter.
Interim CEO Jim Leighton said the changes include combining sales, marketing and innovation under the leadership of chief commercial officer Phil Anson. He previously was chief innovation officer.
“We are creating a more streamlined and integrated platform that will reduce administrative costs and allow us to focus our spending priorities toward innovative consumer marketing programs,” Leighton said in a news release.
Boulder Brands’ shares have lost more than half their value since hitting a 52-week high of $15.20 in September.
The company’s brands include Glutino and Udi’s Gluten Free, Earth Balance, Smart Balance and Evol.
