Xerox announces the layoff of 3,000 workers and its shares fall 12% on the stock market Companies

Printing and imaging equipment company Xerox announced that it will implement a restructuring process that will include laying off 15% of its workforce, which represents about 3,000 workers. Xerox said in a statement that it seeks to “reinvent” itself following a “business unit operating model” and that it will focus on stabilizing its core printing business, improving efficiency in its new global services business and impacting its digital services business. And technological.

After this announcement, Xerox shares listed on the Nasdaq stock exchange began to decline, and the stock market session on Wednesday closed with a decline of 12%. The company's market value is about $2 billion. Last year, the percentage of addresses increased by 2.33%.

The company continues to be led by CEO Steven Bandrozak, who is joined by John Bruno as President and COO, who will be responsible for “driving business alignment,” and Louis Pasteur, who rejoins as “Chief Transformation and Administration Officer.” Among other appointments.

The layoffs, which will take place in the first quarter of the year, will be subject to consultation with employment officials and local unions. The company confirmed that it will assist these employees in their career transition.

According to its latest report to shareholders, Xerox had 20,500 employees at the end of 2022, half of them in the United States, and it has a presence on all continents, although it does not specify the distribution.

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