Shares of Amarin (NASDAQ: AMRN) were sinking 22.7% as of 10:56 a.m. ET on Wednesday. The steep decline came after the drugmaker announced an organizational restructuring after the market close on Tuesday.

Amarin said that it plans to cut all of its U.S. sales force and around 30% of non-sales positions. The company said that it's going to "redesign its commercial infrastructure in Europe," and it is also focusing on boosting sales through its international partnerships.

The drugmaker named Patrick Holt as its new president and CEO, effective immediately. Holt previously was head of Cordis, Cardinal Health's interventional cardiovascular business. He replaces interim CEO Aaron Berg, who will remain with Amarin in a senior leadership position.

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Source Fool.com