Company vows to provide transition support for affected staff
Xerox announced on Wednesday that it is letting go of 15% of its workforce this quarter as it introduced a new organizational structure.
In a statement, the US-based company said the layoffs come as it implements a new operating model.
"Proposed reductions will be subject to formal consultation with local works councils and employee representative bodies where applicable," Xerox said in its media release.
The company did not detail the exact number of employees affected, but CNBC reported that it would likely hit about 3,075 employees based on the number of staff it had as of December 31, 2022.
"Xerox is committed to providing transition support for affected employees," the company said.
The move comes amid strong expectations from employees and employers that widespread layoffs that began in the past years will likely continue in 2024.
It also comes as Xerox introduced a new executive team, who now include Louie Pastor as chief transformation an administrative officer, as well as Flor Colon as chief legal officer and corporate secretary.
Xerox ‘Reinvention;
The changes are parts of the company's move to reinvent itself, which includes the implementation of a new business unit operating model.
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"The evolution of Xerox's Reinvention aligns our resources in three key areas – improvement and stabilization of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organization, and disciplined execution in revenue diversification," said Steven Bandrowczak, chief executive officer at Xerox in a statement.
"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."