The Boston Globe is looking for employee buyout candidates in the paper's first entrenchment move under new ownership by Boston Red Sox owner John Henry, who took control of the daily from the New York Times Co. last October.

CEO Mike Sheehan told staffers in a memo that the Globe after two years of significant change needs to "continue to adapt and change, to stay ahead of the market and our competitors."

Despite the planned staff cuts, Sheehan said the Globe continues to recruit and explore new initiatives."

He said the paper hired 250 people since January 2013 to launch new offerings and "re-imagine" existing businesses.

Sheehan singled out initiatives such as Crux, the news Catholic digital site, and print offerings such as Address and Capital.

He claims the developments helped the Globe's business side as circulation and ad revenues rose during the first-half of 2014 and are ahead of plan.

There is no targeted number of staff cuts. Workers will receive a letter to spell out details of the "generous" package.

Sheehan said the Globe is "second to none" in New England journalism and "on par with the best in the business globally."

In a follow-up, editor Brian McGrory said the request for cutbacks is not meant to be a cost-cutting exercies, but a move to "devote people with find the right talents to the areas where we need them the most."