JOHANNESBURG (Reuters) – South African power utility Eskom will reduce its executive management to 10 from 21, it said internal memo seen by Reuters, part of cash-strapped company to reduce its wage bill.

“It is crucial that we set ourselves up for the future, and I believe that the steps we’ve take so far are already placing us on a path towards stability,” Chief Executive Phakamani Hadebe said in the memo.

Eskom spokesman Khulu Phasiwe confirmed that the company had approved the reorganisation of the top management structure.

Eskom, which has implemented power cuts in recent months due to coal shortages and poor plant performance, is fighting for survival after a decade of financial decline.

It previously stated that it wants to substantiality cut its 48,000 workforce.

Among those leaving the utility is Dave Nicholls, the head of nuclear energy, who was due to retire next year. He is leaving at the end of month as are seven other executives, according to the memo

Reporting by Alexander Winning; Editing by Alison Williams