Xerox and Newell announce major staff cuts
Xerox has announced a restructuring programme that includes reducing its staff numbers by around 15 per cent.
Described as an “evolution” of the Reinvention plan revealed last October, Xerox is adopting a new operating model and organisational structure that will result in around 3000 people leaving the company in the coming weeks.
What all that means in practice is probably anyone’s guess, but Xerox has already pointed to reducing its geographical footprint internationally and working more through partners.
“The evolution of Xerox’s Reinvention aligns our resources in three key areas – improvement and stabilisation of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organisation, and disciplined execution in revenue diversification,” CEO Steve Bandrowczak, said.
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Newell Brands restructures
US-based Newell Brands is implementing a cost reduction programme as part of what it describes as an “organisational realignment”.
The changes are expected to result in annualised savings of between US$65-$90 million, net of reinvestments, while implementation costs are estimated at US$75-$90 million.
The latest development comes less than 12 months after Newell announced it was reducing corporate roles by 13 per cent in an effort to save US$200-$250 million a year.
Newell will also “optimise” its real estate footprint and pursue other cost reduction initiatives, with all the actions expected to be substantially implemented by the end of 2024. The vendor plans to reduce its corporate office jobs by around seven per cent.
The company’s organisational design changes include realigning business unit finance to support the new global brand management model.
Newell Brands markets leading stationery brands such as Sharpie, Elmers, Paper Mate and Parker.
Date Published:
8 January 2024