Heineken, the world’s second-largest brewer, plans to cut 5,000-6,000 jobs over the next two years to combat a slow beer market. The company aims to achieve up to $600 million in annual savings, using technology and AI to boost efficiency. Beer volumes were down 2.4% last year, but adjusted operating profit rose by 4.4%.

The job cuts will focus on cost-cutting efforts in main offices, regional operations, and supply chain. Heineken executives stated that some cuts will target Europe and non-priority markets with lower growth prospects. The company expects profit growth of 2-6% this year amidst challenges from other beverage categories and consumer spending constraints.

Heineken’s CEO unexpectedly announced his resignation after nearly six years at the helm. The company is on the lookout for a new chief executive as it navigates the changing landscape of the beer market.

Read more at Yahoo Finance: Brewing Giant to Slash Thousands of Jobs Amid Sluggish Sales, Tech Push