Signage is displayed outdoors the Xerox headquarters in Norwalk, Connecticut.
Michael Nagle | Bloomberg | Getty Photos
Xerox on Wednesday introduced it would lower 15% of its workforce as a part of a plan to implement a brand new organizational construction and working mannequin.
Xerox, which presents digital printing and doc administration applied sciences, had about 20,500 staff as of Dec. 31, 2022, in response to a submitting with the U.S. Securities and Alternate Fee. Primarily based on this determine, Wednesday’s layoffs will have an effect on about 3,075 staff.
Shares of Xerox closed down greater than 12% following the announcement Wednesday.
The corporate’s restructuring plan entails simplifying its merchandise inside its core print enterprise, growing effectivity throughout its world enterprise providers and boosting deal with IT and different digital providers, in response to a launch. Xerox stated it additionally redesigned its govt crew to assist perform the brand new mannequin.
“The shift to a enterprise unit working mannequin is a continuation of our client-focused, balanced execution priorities and is designed to speed up product and providers, go-to-market, and company features’ working efficiencies throughout all geographies we serve,” Xerox CEO Steven Bandrowczak stated within the launch.
Xerox will perform the cuts this quarter, in response to the discharge. A consultant for Xerox didn’t remark past the discharge.
Do not miss these tales from CNBC PRO:
