As part of the reorganization, three additional executive officers have been named: Mr Donald Zurbay, Ms Rachel Ellingson and Ms Kathleen Chester. Mr Donald Zurbay is now vice president, finance and chief financial officer, reporting to Mr John Heinmiller, who is taking on an expanded role as executive vice president, overseeing the centralization of the IT, HR, legal and business development functions.

Ms Rachel Ellingson has been named vice president, corporate relations, as Ms Angela Craig assumes additional responsibilities as vice president, global human resources. Ms Kathleen Chester has been named to a newly created role of vice president, global regulatory.

The company estimates that as a result of the organizational changes announced today, it will be able to reduce pre-tax operating expenses by approximately $50-$60 million annually beginning in 2013. It is providing support to the approximately 300 employees whose jobs have been eliminated.