(Beaverton, OR) -- Nike is planning to reduce its workforce starting next year as part of a restructuring plan intended to save billions of dollars. The plan, which the company called Pace, aims to generate roughly two-and-a-half-billion-dollars in cumulative savings through fiscal 2031. Nike President and CEO Elliott Hill says the reorganization will lead to fewer jobs across the company. Along with job reductions, the company also announced the APGC leadership team will operate out of Singapore, moving some support positions out of Nike's headquarters in Beaverton.