LONDON (AP) — Centrica, which owns British Gas, is cutting 5,000 jobs as it restructures.

The company says in a statement Thursday that it needed to simplify and modernize the business.

Group Chief Executive Chris O’Shea says the harsh reality is that the firm has “lost half its earnings in recent years.’’

He says that the changes “are designed to arrest our decline, allow us to focus on our customers and create a sustainable company.”

Around half of the current 40-strong senior leadership team is expected to leave the group by the end of August.