Sinclair Pharma plc (LON:SPH) expects to shave its annual costs by £2mln as it launched a "comprehensive" staff restructuring programme.
Paris-based Christophe Foucher, the chief operating officer, has stepped down from the board immediately, it revealed.
He and the company have have entered into a conciliation process to determine the compensation package he will receive but it is expected that the payment in lieu of notice that may be paid to him will form a significant part of the £2.8mln one-off restructuring charge - to be booked in the year to Dec 31, 2016.
Chief executive Chris Spooner said: "After the sale of our medicinal products portfolio Sinclair has become a simpler and more streamlined business.
"We are now a focused, fast-growing and high gross margin company with a portfolio of class-leading aesthetics products with multiple growth opportunities and I am highly optimistic about our future."
He thanked Foucher for his 'outstanding' contribution to the firm and we wish him every future success."
Sinclair now has just five brands, reduced from 32. External contract manufacturers have reduced from 19 to 3 and there are 40 fewer distribution partners.
As a result, 39 staff, mostly in Europe, have transferred to Alliance Pharma plc (LON:APH) and a further 13 have now left the firm.