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Xerox to cut 15 percent of workforce in Q1
Xerox to cut 15 percent of workforce in Q1
Listen to this articleXerox Holdings Corp. announced a new strategic plan and operating model Wednesday morning that includes a 15 percent workforce reduction this quarter.
In a news release, the company stated the “proposed reductions will be subject to formal consultation with local works councils and employee representative bodies where applicable. Xerox is committed to providing transition support for affected employees.”
The company employed roughly 20,500 workers as of Dec. 31, 2022, an SEC filing shows, meaning the reduction would affect more than 3,000 employees. The company did not release information on what locations would be affected.
Xerox employs 1,754 local workers and ranked as the region’s second largest manufacturer, according to the 2024 RBJ Book of Lists.
Company leaders said the strategic plan aligns its resources in three areas – improvement and stabilization of the company’s core print business, increased productivity and efficiency through the formation of a new Global Business Services organization and disciplined execution in revenue diversification.
“The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market and corporate functions’ operating efficiencies across all geographies we serve,” Steven Bandrowczak, Xerox CEO, said in a news release.
Xerox stock was trading at $16.08 at midday following the announcement, down nearly 11 percent from when the market opened.
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