Xerox stock falls after company announces 15% workforce cut By Investing.com

© Reuters. Xerox (XRX) stock falls after the company announces a 15% workforce cut.

Xerox Corporation . (NASDAQ:) shares fell more than 6% Wednesday after the company announced workforce cuts as part of a new operating model and organizational structure.

Zeros said it plans to reduce 15% of its workforce. Additionally, as part of a “reinvention and evolving operating model,” Xerox reorganized its leadership team with Joanne Collins Smee, executive vice president and president, Americas, and Tracey Koziol, executive vice president and chief product officer, Global Offering Solutions. The company’s offer is effective from December 31.

XRX is down exactly 6.5% at the time of writing, trading at $16.85 per share.

Under the new model, the company will focus on three key areas: Xerox’s core printing business, global business services, and IT and digital services.

“The evolution of Xerox’s reinvention aligns our resources in three key areas: improving and stabilizing our core printing business, increasing productivity and efficiency through the formation of a new global business services organization, and systematically executing revenue diversification,” said Steven Bandrowczak. . Chief Executive Officer of Xerox.

“The transition to a divisional operating model is a continuation of our customer-centric, balanced execution priorities and is designed to accelerate the operational efficiencies of our products and services, go-to-market and corporate functions in all the regions we serve.”