Xerox, the US digital printing and document-management technologies company, has announced plans to reduce its workforce by 15 per cent.
The move is believed to be part of the company’s broader initiative aimed at implementing a new organisational structure and operational model.
Additionally, the restructuring strategy involves streamlining its primary print business products, improving efficiency in global business services, and focussing more on IT and other digital services.
The proposed downsizing will reportedly impact more than 3,000 employees, with the layoffs scheduled for execution within the current quarter. At the close of the preceding year, Xerox’s employee count stood at approximately 20,500.
Following this announcement, Xerox experienced a decline of over 12 per cent in its shares.
Steven Bandrowczak, CEO, Xerox, clarified that the transition to a business unit operating model is a continuation of their commitment to client-centric, well-balanced execution priorities.
This strategic shift aims to expedite operational efficiencies, globally, with a focus on enhancing and stabilising the core print business, boosting productivity through the establishment of a new Global Business Services organisation, and executing disciplined strategies for revenue diversification.
Xerox Corporation specialises in digital printing and document-management solutions. Founded in 1906, it has played a pivotal role in the evolution of photocopying technology. It is primarily known for innovations such as the photocopier and laser printer, revolutionising the way businesses handle documents.
Over the years, the company has expanded its offerings to include a range of services in imaging, software and business-process outsourcing.
