Xerox to fire over 3,000 employees
What's the story
Digital printing and document management giant Xerox has revealed plans to cut its workforce by 15% as part of a strategic move to implement a new organizational structure and operating model.
The company will consult with local works councils and employee representative bodies where necessary, and offer transition support for those affected.
As of December 31, 2022, Xerox employed around 20,500 people, meaning that approximately 3,075 employees could be impacted by the announced reduction.
Details
Impact on employees and company structure
Xerox's CEO, Steven Bandrowczak, mentioned that the company's reinvention focuses on three main areas.
These are "improvement and stabilization of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organization, and disciplined execution in revenue diversification."
This announcement comes alongside the departure of Joanne Collins Smee, Executive Vice President and President of Americas and Tracey Koziol, Executive Vice President of Global Offering Solutions and Chief Product Officer, effective December 31, 2023.
What Next?
New operating model
Bandrowczak further emphasized that the transition to a business unit operating model is a continuation of Xerox's client-focused approach.
It aims to "accelerate product and services, go-to-market, and corporate functions' operating efficiencies across all geographies we serve."
This strategic shift is designed to enhance the company's overall performance and adapt to the evolving needs of its clients.