New York
CNN
—
Xerox is slashing 15% of its workforce, amounting to roughly 3,000 jobs, in a “reinvention” plan that encompasses a brand new organizational construction and working mannequin.
The corporate, greatest recognized for manufacturing workplace gear like printers and copiers, introduced the modifications on Wednesday. Xerox has about 20,500 world workers, based on its most up-to-date annual report.
Xerox (XRX) shares tumbled almost 11% following the information.
In a launch, Xerox mentioned that its new working plan contains “enchancment and stabilization of our core print enterprise,” a “simplification” of its world enterprise companies and a “better organizational focus” on its IT companies unit.
″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 companies, go-to-market, and company capabilities’ working efficiencies throughout all geographies we serve,” Xerox CEO Steven Bandrowczak mentioned within the assertion.
As for the layoffs, Xerox mentioned they are going to occur this quarter and affected workers might be given “transition help.”