Xerox company lays off more than 3 thousand employees
Xerox plans to lay off 15% of its workforce (3,075 people) due to changing the company’s operating model.
On Wednesday, January 4, Xerox Corporation announced that it will cut 15 percent of its workforce as part of a plan to implement a new organizational structure and operating model. The well-known company, which provides digital printing and document management technology, had about 20,500 employees as of December 31, 2022, according to information from the US Securities and Exchange Commission.
Now, based on this figure, the layoffs will affect about 3075 employees. Xerox shares fell more than 12% after announcing this news. According to NBC’s report, the company’s restructuring plan includes streamlining products such as Xerox printers, which are their core business, increasing efficiency in all aspects of global business services, and increasing focus on information technology and other digital services.
Xerox says it has also redesigned its executive team to help implement the new model. They will do this workforce reduction in the current quarter; Although the representative of Xerox did not provide more details about this.
Steven Bandrochek, the CEO of Xerox, said in this context: “The company’s operating model has been changed in line with its usual priorities, that is, a balance has been made in providing service and customer orientation, and in order to accelerate the products and services sector, a Go-to-Market approach has been implemented. ) and is designed to improve the company’s operational efficiency across our business geographies.”