Pacific Biosciences of California named Chief Operating Officer Mark Van Oene to helm the company as chief executive officer.

The life science technology company also said Wednesday it would cut about 8% of its workforce, or 40 employees, under a new restructuring plan.

Van Oene succeeds Christian Henry, who has stepped down as CEO and president after six years. Henry will continue on the board and has agreed to stay on as an adviser at least through the end of 2026 to facilitate the transition, the company said.

PacBio said Van Oene's appointment to the roles of CEO and president, as well as to its board, takes effect Wednesday. Van Oene joined PacBio in 2021.

The company said it expects its restructuring plan, which was approved by the board last week, to reduce its annualized operating expenses by $30 million to $40 million by the end of 2027.

The company expects to incur pre-tax charges of about $2 million in connection with the layoffs, primarily consisting of severance payments, employee benefits, outplacement services and related costs. It expects the restructuring will be completed and that the charges will be incurred in the third quarter.