Office equipment manufacturer Xerox announced it will cut thousands from its workforce Wednesday to streamline the business.
On the firing line are 3,000 jobs, or 15% of its workforce, in the first quarter of 2024. According to a statement from the company, Xerox is looking to simplify its business plan.
“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,” CEO Steven Bandrowzcak wrote in a statement.
The new layoffs accompany a shakeup in leadership at the company. According to Xerox, President John Bruno will head up the enterprise alignment of the company’s print and digital services while Chief Transformation Officer Louie Pastor will lead the firm’s new global business service organization.
Xerox, best known for its brand of office machines, has around 20,000 employees around the world. The company’s stock price dropped over 10% after news of the layoffs broke Wednesday.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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