diff --git a/lib/base/io-engine.cpp b/lib/base/io-engine.cpp
index a4a813d69..871981a82 100644
--- a/lib/base/io-engine.cpp
+++ b/lib/base/io-engine.cpp
@@ -16,55 +16,28 @@
 
 using namespace icinga;
 
-CpuBoundWork::CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand& strand)
+CpuBoundWork::CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand&)
 	: m_Done(false)
 {
 	auto& ioEngine (IoEngine::Get());
-	auto& sem (ioEngine.m_CpuBoundSemaphore);
-	std::unique_lock<std::mutex> lock (sem.Mutex);
 
-	if (sem.FreeSlots) {
-		--sem.FreeSlots;
-		return;
-	}
+	for (;;) {
+		auto availableSlots (ioEngine.m_CpuBoundSemaphore.fetch_sub(1));
 
-	auto cv (Shared<AsioConditionVariable>::Make(ioEngine.GetIoContext()));
-	bool gotSlot = false;
-	auto pos (sem.Waiting.insert(sem.Waiting.end(), IoEngine::CpuBoundQueueItem{&strand, cv, &gotSlot}));
-
-	lock.unlock();
-
-	try {
-		cv->Wait(yc);
-	} catch (...) {
-		std::unique_lock<std::mutex> lock (sem.Mutex);
-
-		if (gotSlot) {
-			lock.unlock();
-			Done();
-		} else {
-			sem.Waiting.erase(pos);
+		if (availableSlots < 1) {
+			ioEngine.m_CpuBoundSemaphore.fetch_add(1);
+			IoEngine::YieldCurrentCoroutine(yc);
+			continue;
 		}
 
-		throw;
+		break;
 	}
 }
 
 void CpuBoundWork::Done()
 {
 	if (!m_Done) {
-		auto& sem (IoEngine::Get().m_CpuBoundSemaphore);
-		std::unique_lock<std::mutex> lock (sem.Mutex);
-
-		if (sem.Waiting.empty()) {
-			++sem.FreeSlots;
-		} else {
-			auto next (sem.Waiting.front());
-
-			*next.GotSlot = true;
-			sem.Waiting.pop_front();
-			boost::asio::post(*next.Strand, [cv = std::move(next.CV)]() { cv->Set(); });
-		}
+		IoEngine::Get().m_CpuBoundSemaphore.fetch_add(1);
 
 		m_Done = true;
 	}
@@ -85,11 +58,7 @@ boost::asio::io_context& IoEngine::GetIoContext()
 IoEngine::IoEngine() : m_IoContext(), m_KeepAlive(boost::asio::make_work_guard(m_IoContext)), m_Threads(decltype(m_Threads)::size_type(Configuration::Concurrency * 2u)), m_AlreadyExpiredTimer(m_IoContext)
 {
 	m_AlreadyExpiredTimer.expires_at(boost::posix_time::neg_infin);
-
-	{
-		std::unique_lock<std::mutex> lock (m_CpuBoundSemaphore.Mutex);
-		m_CpuBoundSemaphore.FreeSlots = Configuration::Concurrency * 3u / 2u;
-	}
+	m_CpuBoundSemaphore.store(Configuration::Concurrency * 3u / 2u);
 
 	for (auto& thread : m_Threads) {
 		thread = std::thread(&IoEngine::RunEventLoop, this);
diff --git a/lib/base/io-engine.hpp b/lib/base/io-engine.hpp
index f370bde66..622a92dd0 100644
--- a/lib/base/io-engine.hpp
+++ b/lib/base/io-engine.hpp
@@ -6,14 +6,10 @@
 #include "base/exception.hpp"
 #include "base/lazy-init.hpp"
 #include "base/logger.hpp"
-#include "base/shared.hpp"
 #include "base/shared-object.hpp"
 #include <atomic>
-#include <cstdint>
 #include <exception>
-#include <list>
 #include <memory>
-#include <mutex>
 #include <thread>
 #include <utility>
 #include <vector>
@@ -35,7 +31,7 @@ namespace icinga
 class CpuBoundWork
 {
 public:
-	CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand& strand);
+	CpuBoundWork(boost::asio::yield_context yc, boost::asio::io_context::strand&);
 	CpuBoundWork(const CpuBoundWork&) = delete;
 	CpuBoundWork(CpuBoundWork&&) = delete;
 	CpuBoundWork& operator=(const CpuBoundWork&) = delete;
@@ -52,25 +48,6 @@ private:
 	bool m_Done;
 };
 
-
-/**
- * Condition variable which doesn't block I/O threads
- *
- * @ingroup base
- */
-class AsioConditionVariable
-{
-public:
-	AsioConditionVariable(boost::asio::io_context& io, bool init = false);
-
-	void Set();
-	void Clear();
-	void Wait(boost::asio::yield_context yc);
-
-private:
-	boost::asio::deadline_timer m_Timer;
-};
-
 /**
  * Async I/O engine
  *
@@ -133,13 +110,6 @@ public:
 	}
 
 private:
-	struct CpuBoundQueueItem
-	{
-		boost::asio::io_context::strand* Strand;
-		Shared<AsioConditionVariable>::Ptr CV;
-		bool* GotSlot;
-	};
-
 	IoEngine();
 
 	void RunEventLoop();
@@ -150,18 +120,31 @@ private:
 	boost::asio::executor_work_guard<boost::asio::io_context::executor_type> m_KeepAlive;
 	std::vector<std::thread> m_Threads;
 	boost::asio::deadline_timer m_AlreadyExpiredTimer;
-
-	struct {
-		std::mutex Mutex;
-		uint_fast32_t FreeSlots;
-		std::list<CpuBoundQueueItem> Waiting;
-	} m_CpuBoundSemaphore;
+	std::atomic_int_fast32_t m_CpuBoundSemaphore;
 };
 
 class TerminateIoThread : public std::exception
 {
 };
 
+/**
+ * Condition variable which doesn't block I/O threads
+ *
+ * @ingroup base
+ */
+class AsioConditionVariable
+{
+public:
+	AsioConditionVariable(boost::asio::io_context& io, bool init = false);
+
+	void Set();
+	void Clear();
+	void Wait(boost::asio::yield_context yc);
+
+private:
+	boost::asio::deadline_timer m_Timer;
+};
+
 /**
  * I/O timeout emulator
  *