By Olivia Rockeman and Kim Bhasin|Bloomberg

Gap Inc. is beginning a new round of corporate task cuts, according to an internal memo examined by Bloomberg, as it struggles to turn around efficiency without a permanent chief executive officer.

Meant to cut management layers and speed up decision-making, the decrease will be bigger than the 500 business positions the San Francisco-based business eliminated in September, the Wall Street Journal reported earlier Tuesday. The business expects to conserve about $300 million in annual expenses as part of a wider restructuring strategy, interim CEO Bob Martin has said.

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Cuts are taking place in three stages, starting with the worldwide sourcing division this month, according to the memo. Functions across brands in headquarters will be next, followed by layoffs in financing in May.

" This may be the last action in an overhaul prior to the business names its brand-new CEO, which we anticipate any day," Mary Ross Gilbert, an expert at Bloomberg Intelligence, stated in a note to customers.

Gap has yet to employ a brand-new CEO since Sonia Syngal was ousted last July. Last month, the company announced numerous executive modifications in an effort to "optimize" its corporate structure as performance decreased across the business's company systems. Equivalent sales fell at all 4 of the apparel maker's most significant brand names: Gap, Old Navy, Banana Republic and Athleta.

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The business had about 95,000 staff members since January, mostly in retail positions.

Shares had fallen 11% this year through Monday's close. The stock was down 7% at 1:10 p.m. Tuesday in New York.