Simply Good Foods (SMPL) said Tuesday it plans to reduce staff by around 15% as part of a cost-cutting initiative.

The steps are "aimed at streamlining the organization, driving faster decision making, focusing on functional excellence in key areas, and lowering fixed overhead costs" to yield $17 million in annual savings, the company said.

The company also said it has reshuffled its leadership, promoting Timothy Kraft, current chief legal and corporate development officer, to chief administrative officer.