Xerox Holdings Corporation announced a new operating model and organizational structure to promote the reinvention of the company, which involves cutting 15% of its workforce.
Advertised as the “Reinvention of Xerox and evolution of the operating model”the company will cut about 3,000 employees this quarter.
“The evolution of Xerox Reinvention aligns our resources in three key areas: improvement and stabilization of our core printing business, increased productivity and efficiency through the formation of a new Global Business Services organization and disciplined execution on revenue diversification,” said Steven Bandrowczak, CEO of Xerox.
“The shift to a business unit operating model is a continuation of our balanced, customer-centric execution priorities and is designed to accelerate operational efficiency of products and services, marketing and corporate functions in all the geographies we serve,” Bandrowczak added.
New organizational structure to support strategic execution
The company has redesigned and realigned its executive team to support the new operating model. With immediate effect, John Bruno will lead the business alignment of the printing, digital services and IT services businesses.
Louie Pastor returns to Xerox as Chief Administrative and Transformation Officer, overseeing the Xerox Reinvention Office and the newly created Global Business Services organization. Flor Colón, has been appointed Legal Director and Corporate Secretary.
“Congratulations to our new executive leadership team and my sincere thanks to Joanne and Tracey for their countless contributions to our company and culture,” said Bandrowczak. “Our new operating model is an important step towards achievement of the objectives we seek to achieve with our Reinvention“.
By implementing this new operating model, the company will take action this quarter, aiming for a 15% workforce reduction.
The proposed reductions will be subject to formal consultation with local works councils and employee representative bodies, where appropriate. Xerox committed to providing transition support to affected employees.
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