On January 3rd local time, Xerox Holdings (NASDAQ: XRX) announced a new operating model and organizational structure on its official website to further advance the company's "reshaping" plan.
Steven Bandrowczak, CEO of Xerox, said, "Xerox's reshaping transformation has focused our resources on three key areas - improving and stabilizing our core printing business, improving productivity and efficiency through the formation of a new global business services organization, and enforcing strict discipline in revenue diversification."
The company has reorganized its management team to support the new operating model. John Bruno will lead the enterprise restructuring of printing, digital services, and IT services businesses, which will take immediate effect. Louie Pastor returned to Xerox as Chief Transformation and Administrative Officer.
By implementing a new operating model, the company will implement layoffs this quarter, with a target of reducing staff by 15%. The proposed layoffs will be formally negotiated with the local labor committee and employee representative office in appropriate circumstances. Xerox is committed to providing transitional support to affected employees.