Xerox Layoffs: US-Based Digital Printing and Document Management Company Announces To Sack More Than 3,000 Employees, 15% of Its Workforce
US-based digital printing and document management company Xerox announced to restructure its company with new operating model and to cut 15% workforce, over 3,000 employees. Check more details here.
Norwalk, January 4, 2023, is expected to have some significant layoffs in the tech sector along with the introduction of new job opportunities for data science, artificial intelligence and machine learning. According to reports, the US-based Xerox company that sells digital documents, products, and prints has announced that it will lay off over 3,000 employees, cutting its workforce by 15%. The decision to sack the employee is a part of the company's plan to introduce a new operating model and change organizational structure.
As per a report by CNBC, Xerox also announced a list of "new executive leadership as a part of reshuffle." The Xerox layoffs are not surprising, as the company reportedly laid off over 20,500 employees until December 31, 2022. Now, the company plans to sack over 3,000 employees at the beginning of 2024, bringing changes to the company. As per the report, the company will start implementing the layoffs in Q1 2024. Jobs Coming! Hiring Expansion in India Expected To Be 8.3% in 2024, Demand for AI/ML, Data Science and Cybersecurity Grows: Report.
According to the report, the Xerox layoffs will affect 3,075 employees, and following the announcement on January 3, the company has already started witnessing a share drop of 12%. Xerox CEO Steven Bandrowczak reportedly expressed that the company's move towards the business unit operating model is a part of their priorities focused on clients and balanced execution. The CEO further stated that the shift to the operating model is designed to accelerate the product and services, go-to-market and corporate functions across all the company's geographies. Unacademy Losses Down 40% in FY23, Revenue Grows 26%, Following Employee Layoffs; Check Details.
As per CNBC's report, the company's restructuring plan will simplify its products related to the core printing business. In its Xerox Reinvention and Operating Model Evolution announcement, Xerox focused on core printing business, global business services and IT and digital services. The decision will reportedly increase the company's efficiency and help the redesigned executive teams to help carry out the new model. The new Executive Leadership Team include chief posts like President & COO, CFO, Chief Transformation & Administrative Officer, and more.
(The above story first appeared on LatestLY on Jan 04, 2024 02:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).