According to media reports, Five staff were informed about the changes in a meeting this morning, with up to 80 jobs under threat in the broadcaster's 300-strong team as Desmond looks to cut costs by £20 million.
Despite the cuts, Desmond's Northern & Shell business plans to invest around £300m annually in programming over the next five years to help the broadcaster "go toe-to-toe with the biggest players in the TV world".
As revealed earlier, Five chairman and chief executive Dawn Airey will be leaving her post for a role at former Five parent company RTL. However, she will not depart the broadcaster for several months.
Among Five's senior executives, only the managing director of digital channels and acquisitions Jeff Ford and the sales director Kelly Williams will remain at Five.
Ford will take over the role of Five director of programmes from Richard Woolfe, who is leaving the firm, along with Five managing director Mark White.
Five's director of legal affairs Paul Chinnery is also leaving, along with corporate affairs director Sue Robertson, director of strategy Charles Constable and finance director David Hockley.
In a statement, Airey said: "I love Five, its staff, its spirit and all we have achieved. I wish the channel, its team, Richard Desmond and Northern & Shell all the success they deserve."
Desmond, who completed his £103.5 million takeover of Five last month, wants to make cost savings of around £20m, with £9m coming from staff cuts and £11m from overheads.
Five employees were also told that they will be relocating from their offices on Covent Garden to Desmond's Northern & Shell premises on Lower Thames Street in the City.
The move will be used to merge back office functions such as IT, finance and human resources between the businesses to further reduce costs.