Nestlé is cutting 16,000 jobs globally as the Swiss food giant cuts costs as part of its efforts to revive its financial performance.

Nestlé, which makes Nescafé drinks, Purina pet food and other products, said Thursday that the job cuts will take place over the next two years. The Swiss company also said that it is raising targeted cost cuts to 3 billion Swiss francs ($3.76 billion) by the end of next year, up from a planned 2.5 billion Swiss francs ($3.13 billion).

It has been a turbulent year for the company, based Vevey, Switzerland. Last month, Nestle dismissed CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate.

Freixe had only been on the job for a year. He was replaced by Philipp Navratil, a longtime Nestlé executive.

Shortly after Freixe was ousted, Chairman Paul Bulcke stepped down early.

Nestlé is also fighting external headwinds like other food makers, including rising commodity costs and the negative impact of tariffs. The company said in July that it offset higher coffee and cocoa-related costs with price increases.

Nestle said Thursday that it will eliminate 12,000 white-collar positions in multiple locations. The job cuts are expected to achieve annual savings of 1 billion Swiss francs ($1.25 billion) by the end of next year. The company will cut 4,000 jobs as part of ongoing productivity initiatives in its manufacturing and supply chain.

“The world is changing, and Nestlé needs to change faster,” Navratil said in a statement.

Shares of Nestlé rose nearly 8% on the SIX Swiss Exchange.