ZURICH, Sept 6 Reuters Swiss chocolate maker Barry Callebaut on Wednesday said it would spend 500 million Swiss francs 562.62 million over the next two years as part of a new strategic investment plan.

The world39;s biggest chocolate maker said it would also overhaul its structure, increasing its number of regions from three to five while also reducing its executive committee to nine members from six previously.

The investment plan, labelled BC Next Level, aims to reduce annual costs by 250 million francs, the Zurich company said. The money will be spent on areas such as improving service, and research and development.

Savings will come from optimising the manufacturing footprint, streamlining enabling functions, leveraging shared service centres and a rigorous focus on endtoend supply chain excellence, Barry Callebaut said.

The intention is to increase the speed to market of Barry Callebaut39;s products, which include chocolate for food suppliers like Unilever for its Magnum ice creams and Costa Coffee for its drinking chocolate.

As part of the shakeup, current Chief Financial Officer Ben De Schryver will become the regional head of Barry Callebaut39;s North American business.

He will be replaced as CFO by former Ontex CFO Peter Vanneste, effective Nov. 1.

Further details of the plan will be announced on Nov. 1, Barry Callebaut said.

1 0.8887 Swiss francs

Reporting by John Revill Editing by Miranda Murray

Source Reuters