JANUARY 3, 2024 —RESTRUCTURING
The company announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model. The reduction in force will impact approximately 3,075 employees.
The release…
Reinvention.
“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. “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.”
By implementing this new operating model, the company will take action this quarter, targeting a 15 percent workforce reduction. Proposed reductions will be subject to formal consultation with local works councils and employee representative bodies where applicable. Xerox is committed to providing transition support for affected employees.
NOVEMBER 5, 2019 — LAWSUIT DISMISSED, XEROX TO GET 2.3 BILLION AND IS CONSIDERING MAKING AN OFFER FOR HP.
In a surprising turnaround, Xerox will sell its 25% stake in Fuji Xerox, the joint venture with Fujifilm Holdings, for $2.3 billion after activist investors killed the proposed deal. The lawsuit over the failed merger will be dismissed.
According to the Wall Street Journal, the soon-to-be cash-rich Xerox may make a bid for HP, the iconic printer and personal computer maker.
This does not bode well for employees of both companies. According to a statement in the WSJ, “Both companies are in cost-cutting mode and a union could afford new opportunities to shed expenses—to the tune of more than $2 billion, the people said. HP, in early October, said Mr. Lores would implement a restructuring plan that would shrink the company’s ranks by as many as 9,000 people, or 16% of its workforce, and yield annual cost savings of $1 billion. The company outlined plans to revive its printer business, which tends to have higher profit but has struggled as customers buy ink cartridges elsewhere.”
See Xerox/FujiFilm Post for more information.
UPDATE: AUGUST 21, 2018 XEROX ANNOUNCES MORE LAYOFFS
Xerox has announced an unspecified number of layoffs, primarily in its internal IT operations -- including software engineers, systems engineers, program managers, and associated support personnel. Since the layoffs did not meet the criteria for a WARN notice (250 employees or 33% of the workforce), numbers were not provided. The cuts will be made both in the United States and Canada.
Original Post...
As part of their three-year “strategic transformation” program, Xerox has announced that they will be laying off approximately 121 employees, with the majority of layoffs occurring in their printing and photographic products manufacturing division. Many supporters claim that Xerox needs even more drastic restructuring to avoid becoming another Kodak. An employee reports that he was offered “2 weeks of continuance pay. Then 1 week of severance pay for each year of service.” Another reason to trim your standard of living and plan ahead.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
