Boulder Brands slashes 15% of salaried jobs

BOULDER — Boulder Brands Inc. (Nasdaq: BDBD) has slashed 15 percent of its salaried jobs as part of a corporate restructuring, the company announced Wednesday.

The move comes a month after the resignation of chief executive Steve Hughes and four months after Hughes, a co-founder, was replaced as chairman of the board by R. Dean Hollis as the company split the positions of CEO and chairman.

The company, in a prepared statement, said the changes will “better align functional teams, improve the company’s operational effectiveness and deliver improved and consistent results.”

The changes include integration of Boulder Brands’ sales, marketing and innovation functions to “activate consumer-driven marketing programs and drive sustainable profitable growth,” the company said.

“This strategic alignment is an important first step toward implementing meaningful change across Boulder Brands,” interim CEO Jim Leighton said in the statement. “Through this right-sizing of our organization, we are creating a more streamlined and integrated platform that will reduce administrative costs and allow us to focus our spending priorities towards innovative consumer marketing programs.

“The Board and management team are confident these actions will create value for shareholders by better focusing on operational initiatives that will deliver improved, sustainable results.”

Phil Anson, previously the company’s chief innovation officer, will oversee the combined sales, marketing and innovation functions as chief commercial officer.

“As founder of EVOL, Phil has unique expertise around the development, branding, marketing and distribution of food products that are highly complementary to Boulder Brands` objectives,” Leighton said.

Documents filed with the U.S. Securities and Exchange Commission July 8 reveal that Boulder Brands’ board of directors on July 3 removed Duane Primozich as executive vice president and general manager, shifting him to managing director of Boulder Brands Investment Group. The board also determined that the role of TJ McIntyre as executive vice president and general manager, natural brands, would end as of July 3, with McIntyre separating from the company “on a date to be determined.”

The board also approved a retention bonus program for key employees, including Leighton ($600,000); Christine Sacco, chief financial officer ($320,000); and Primozich, $234,500. The retention bonuses would be paid on or before March 31, 2016, if earned.

Boulder Brands produces consumer products such as Udi’s, Earth Balance, Smart Balance and other products for healthy diets.

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