Xerox targets cutting more than 3,000 jobs from its workforce
Xerox Corporation, a leading provider of toner photocopiers and related products, has announced a 15% reduction in staff as part of a new operating model and organizational structure, which it will implement this quarter, media reports said.
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, more than 3,000 employees may lose their jobs.
The new operating model, announced by CEO Steven Bandrowczak, aims to achieve three main goals: stabilizing the core print business, improving productivity through a Global Business Services organization, and expanding revenue sources.
The company is also shuffling its leadership team to drive the company’s new approach. John Bruno is president & COO. 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.
Xerox shares fell more than 10% in morning trade to $16.19. Although the company is profitable, reporting net income of $77 million in its 2023 third quarter, Xerox’s growth has stalled in recent years.
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