ARLINGTON, VA — Nestlé is planning to slash 16,000 jobs over the next two years as the food giant wants to focus on products with the highest returns.

It’s a goal of the new CEO Philipp Navratil who said the food and beverage giant has to change faster to keep from losing market share.

The cuts will include 12,000 white collar jobs and 4,000 other positions for what it estimates will be a savings of nearly a billion dollars.