San Diego-based supplements and beauty products company LifeVantage Corp. (OTCBB:LFVN) has implemented cost reduction initiatives designed to reduce operating costs while increasing efficiency and productivity throughout the company.
In February of this year, LifeVantage announced that a 52-person network marketing team was joining its existing nine-person corporate team.
Following the merger of these two teams, the company instituted a comprehensive review to evaluate, merge and streamline job functions and responsibilities to recognize the traditional benefits of eliminating redundant functions.
The company has already phased-out or plans to phase out a total of 18 positions by the end of this quarter.
Of these, four employees have been offered alternative positions which better fit the individual employees? skill sets and the company?s growth needs.
With these changes as well as some independent departures, the company will have 44 employees.
In addition, LifeVantage has also implemented reductions in overhead and operating expenses.
