DHI Group Inc. (NYSE: DHX), the parent company of job boards Dice and ClearanceJobs, is reducing its workforce by 10% in a move expected to generate annual cost savings of between $8 million and $10 million.

“Anytime we lose a colleague it’s upsetting,” President and CEO Art Zeile wrote in a letter to employees on May 22. “I promise that we treated all those affected with the utmost respect, dignity and care. I thank all of those who will be leaving us for their contributions to DHI.”

The company was thoughtful in its approach to this decision, according to Zeile.

“As we respond to market conditions and forecast challenging revenue growth, we must do what is best for the health of our business by managing our investment and expenses,” he wrote. “In conjunction with our recent announcement of [Chief Operating Officer Chris Henderson's] departure, we concluded a streamlined organizational structure would better help us execute priorities while reducing layers of management.”

DHI Group reported last week that Henderson will step down from his position effective July 31.

Henderson joined the company in April 2019. He previously served as CEO of the Universal Service Administrative Co., but an earlier role was COO of the city of Denver. Henderson’s direct reports at DHI Group will report directly to Zeile after Henderson’s departure.

The company in today’s regulatory filing also estimated that the restructuring will result in $2.6 million in cash and noncash charges related to employee severance and benefits and the acceleration of share-based awards. Approximately $1.9 million of the amount will be in future cash expenditures.

In his letter, Zeile wrote several people will take on new responsibilities as a result of the restructuring. He also noted the company is still recruiting for a few mission-critical positions but doesn’t anticipate hiring more positions this year. The positions that have been eliminated in the restructuring will not be backfilled.

No other major changes are anticipated at DHI Group this year, he wrote.