Danone, the producer of Dannon yogurt, has announced a restructuring that will lead to the loss of up to 2,000 jobs in local and global headquarters.

Danone plans to decentralize and simplify operations, ceding more control over brand decisions to the local level. For example, Activia, one of its most popular yogurt brands, has four levels of management, according to a statement from CEO Emmanuel Faber; under the restructuring, it will have only two.

The changes will both streamline Danone’s decision-making and save money – about €1 billion ($1.19 billion). The company’s stock has declined 30% this year. It was hit hard by a dro in its bottled-water business due to the pandemic.

Faber’s statement said the new structure will allow Danone to become more responsive to local market conditions.

“Our adaptation plan in this context can be summarized in just two words: ‘Local First,’” it says, defining the phrase as “a plan by which our local business units will regain autonomy, everywher, as close as possible to consumers and the field.”