Xerox, a leader in digital printing and document management, has announced a significant workforce reduction as part of its new organizational restructuring. The company plans to cut 15% of its employees, affecting approximately 3,075 of its 20,500 staff members, as reported on December 31, 2022.
This announcement on Wednesday led to a more than 9% drop in Xerox shares. The restructuring is aimed at streamlining operations, particularly focusing on its core print business. Xerox is also looking to enhance efficiency across its global business services while increasing its focus on IT and other digital services.
CEO Steven Bandrowczak explained that the move towards a business unit operating model is intended to hasten the efficiency of product and service delivery, improve market approaches, and optimize corporate functions across various regions. This strategic shift includes a redesign of Xerox’s executive team to better implement the new operational model.
The company is set to execute these layoffs within the current quarter. Xerox’s decision to restructure and reduce its workforce reflects its efforts to adapt to the changing demands of the digital and print markets. However, the company has not provided further comments on the matter as of yet. This development marks a significant shift for Xerox as it navigates the evolving landscape of digital technologies and document management.
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