It’s a sad holiday for some Solazyme employees as the company announced today that it will reduce its workforce and implement other cost-cutting measures in order to reduce cash operating expenses of at least $18 million in 2015.

The company anticipates recording a charge of approximately $3.0 million to $5.0 million in the fourth quarter of 2014 as a result of this plan, comprised primarily of involuntary termination benefits and closure costs. Solazyme expects to complete its cost-cutting measures by the end of the second quarter of 2015.

In conjunction with the plan, the Company’s Chief Executive Officer has volunteered to reduce his base salary by 25%, and all of the other members of the Company’s executive management team have volunteered to reduce their base salary by 10%, in each case effective as of January 1, 2015.