The company, which said it has eliminated about 300 jobs, expects the changes to reduce pretax operating expenses by $50 million to $60 million annually beginning in 2013.

Previously, St. Jude had four divisions: cardiac rhythm management, neuromodulation, atrial fibrillation and cardiovascular.

The company said it will also centralize several support functions including information technology, human resources, legal, business development, and many marketing functions.

As part of the reorganization, three additional executive officers were named: Donald Zurbay as vice president, finance and chief financial officer; Rachel Ellingson as vice president, corporate relations; and Kathleen Chester as vice president, global regulatory.

"The reorganization we have announced today is part of a comprehensive plan to accelerate our growth," Daniel Starks, St. Jude's chairman, president and chief executive officer, said in a statement. "We are focused on reducing costs, leveraging economies of scale, maintaining the highest level of quality, and funding our entire portfolio of new growth drivers."

(Reporting By Deena Beasley)

• A Permanent Economic Emergency