Nestlé SA plans to cut 16,000 jobs as new Chief Executive Officer Philipp Navratil seeks to accelerate a turnaround at the Swiss foodmaker.

The reductions, which would amount to about 6% of the workforce, will be made over the next two years, the maker of Nespresso coffee capsules and KitKat candy bars said Thursday.

“The world is changing, and Nestlé needs to change faster,” Navratil said in a statement Thursday. “This will include making hard but necessary decisions to reduce headcount over the next two years.”

The company also raised its target for cost savings to 3 billion Swiss francs ($3.7 billion) by the end of 2027, from a previous goal of 2.5 billion francs. The announcement comes as the company reported stronger-than-expected third quarter sales on higher prices and volumes.

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