(Bloomberg) -- Green Plains Inc. said it is reorganizing to slash costs as Chief Executive Officer Todd Becker struggles to expand the biofuels company into a seller of high-value products made from corn. Shares fell as much as 20%, the most since March 2020. 

The CEO on Friday blamed a weak domestic ethanol market as it posted a much wider-than-expected loss. 

The company is undertaking a revamp, including a smaller workforce, over the next few months that seeks to save up to $50 million annually. Green Plains’ board is continuing its strategic review to consider options, including a possible sale. 

Shares have plummeted more than 60% in the past 12 months. Becker has been attempting to transform the company from primarily a traditional ethanol producer into a cutting-edge agribusiness making high-value ingredients from corn for the food, industrial and advanced renewable fuel industries. 

The company’s poor performance prompted activist investor Ancora Holdings Group to call for a sale of the company, leading Green Plains to start a formal review last year.

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