Amarin appointed a new president and CEO Tuesday in the midst of an organizational restructuring aiming to stem its plummeting revenue.

Patrick Holt will take over to helm the company, replacing Aaron Berg, who had served as interim president and CEO since April. Amarin’s former permanent CEO, Karim Mikhail, had resigned in March after activist investor Sarissa Capital succeeded in taking over Amarin’s board.

The pharma company also announced on the same day that it would also restructure the company and lay off its whole sales team as well as 30% of non-sales employees in order to maximize cash flow. These cuts amount to about one-third of Amarin’s staff.

“A thorough review confirmed our belief in the inherent value of Amarin and the need for change when it comes to managing the business for value creation,” Odysseas Kostas, senior managing director at Sarissa and chairman of Amarin’s board, said in a statement. “The actions we have taken since joining the board reflect our ongoing efforts to turn around the company.”

The moves come after a bitter proxy battle between Sarissa Capital and Amarin resulted in 80% of shareholders siding with the activist investor. Sarissa subsequently took control of the board and stated that it took these actions to boost the potential of Amarin’s main drug, Vascepa, an ethyl eicosapentaenoic acid used to prevent heart attack or stroke.

“While there is a lot of work to be done, we remain confident in our ability to leverage Vascepa’s rare and highly beneficial profile to unlock tremendous value for all shareholders,” Sarissa noted.

Vascepa has faced generic competition in the market and Amarin has seen its revenue drop from $85 million in Q2 2022 to $65 million in Q2 2023.

As for the new CEO, Holt joins Amarin from Cardinal Health’s cardiovascular business Cordis, where he served as president. He has also held executive roles at Allergan and Merck, bringing 25 years of experience in leadership in the life sciences industry to the role.

“Pat’s international and cardiovascular business experience and track record of turnaround success are exactly what the company needs at this critical time,” Kostas said in a statement.

Holt added that Vascepa holds “untapped value” and “decisive action is needed to realize Amarin’s full potential.”

Following both announcements, Amarin’s shares dropped sharply by 23% to $1.10 a share.