Singapore: St Jude Medical, a global medical device company, will realign its product divisions into two new operating units as part of its latest cost-cutting measures. The press statement released by the company said it has also eliminated around 300 jobs following the realignment.

The two divisions of the company will be the Implantable Electronic Systems Division (IESD) and the Cardiovascular and Ablation Technologies Division (CATD). The company will also centralize several support functions, including information technology, human resources, legal, business development, and many marketing functions.

"The reorganization we have announced is part of a comprehensive plan to accelerate our growth," said Mr Daniel J Starks, chairman, president and chief executive officer 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."

The company's US and international divisions, which are focused on product commercialization, will continue serving customers based on existing call points and specialties.

Under the leadership of Mr Eric Fain, the IESD will comprised former Cardiac Rhythm Management Division and the former Neuromodulation Division. Under the leadership of Mr Frank Callaghan, the CATD will comprised former Atrial Fibrillation Division and the former Cardiovascular Division. Mr Fain and Mr Callaghan will report to Group President Mr Michael Rousseau.