Xerox Holding Corporation (XRX) announced its plan to reduce its workforce by 15 per cent as part of the company's reinvention. This aims to introduce a new operating model and organizational structure.
In an official statement, Steven Bandrowczak, Chief Executive Officer at Xerox, on Wednesday said, “The evolution of Xerox’s Reinvention aligns our resources in three key areas – 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.”
“The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions’ operating efficiencies across all geographies we serve," he added.
"By implementing this new operating model, the company will take action this quarter, targeting a 15 percent workforce reduction. Proposed reductions will be subject to formal consultation with local works councils and employee representative bodies where applicable. Xerox is committed to providing transition support for affected employees," the company said in a statement.
As part of the layoffs, Xerox announced that they are scheduled for this quarter, with affected employees set to receive "transition support."
