Xerox Targets Cutting More Than 3,000 Jobs from Its Workforce. The Stock Is Falling. ☹

[jim]

Xerox Corporation, the world’s leading provider of toner photocopiers and related products, announced on Wednesday that it will cut 15% of its staff. The company said in a statement that the staff reduction is part of a new operating model and organizational structure that it will implement this quarter.

The company added that the proposed cuts will be “subject to formal consultation with local works councils and employee representative bodies where applicable.” Based on employee numbers disclosed in recent filings, that implies more than 3,000 employees will lose their jobs

The new operating model, announced by CEO Steven Bandrowczak today, aims to achieve three main goals: stabilizing the core print business, improving productivity through a Global Business Services organization, and expanding revenue sources. To align with this new vision, Xerox has reorganized its executive team, with John Bruno as President & COO and several other appointments. As part of the reorg, the company said Louie Pastor returns as chief transformation and administrative officer and Flor Colon was appointed Chief Legal Officer, while Joanne Collins, president of Americas, and Tracey Koziol, chief product officer, have left the company.

Shares of the imaging-technology company slid 9.10% to $16.38 in early trading on Wednesday, 01 03 2023.

[Author]

January 3, 2024 at 3:34 PM