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Xerox to cut workforce by 15 percent

By Nithya Bose in Business News, posted January 4, 2024

Xerox Holdings has revealed plans to slash its workforce by 15 percent and undergo a restructuring of its operational framework.

The printer maker said it set up a global business-services unit to stabilize its core print business.

The company would also intensify its focus on the burgeoning information technology and digital services sector.

The announcement led to Xerox’s shares experiencing a 12 percent dip, settling at $15.84 on Wednesday, December 3.

John Bruno has been appointed president and chief operating officer to lead the realignment of the company's print, IT, and digital services businesses.

Meanwhile, Louie Pastor returns to Xerox as the chief transformation and administrative officer, heading the newly established global business services unit.

Joanne Collins Smee, the executive vice president of America, and Tracey Koziol, the chief product officer, exited the company on December 31.

Xerox CEO Steven Bandrowczak, said: “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.”

As of the end of 2022, Xerox had 20,500 employees, marking a 12 percent reduction compared to the previous year, as per regulatory filings.

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