Signs are posted outside the Xerox headquarters in Norwalk, Connecticut.
Michael Nagle | Bloomberg | Getty Images
Xerox said Wednesday it will cut 15% of its workforce as part of a plan to introduce a new organizational structure and operating model.
According to a filing with the U.S. Securities and Exchange Commission, Xerox had approximately 20,500 employees as of December 31, 2022. Based on that number, Wednesday's layoffs will affect approximately 3,075 employees.
Shares of Xerox fell more than 9% after the announcement on Wednesday.
The company's restructuring plan includes simplifying its products within its core printing business, increasing the efficiency of its global business services and increasing its focus on IT and other digital services, according to a press release. Xerox said it also reshaped its leadership team to help implement the new model.
“The shift to a business unit operating model is a continuation of our customer-focused, balanced execution priorities and is designed to accelerate operational efficiencies across products and services, go-to-market and enterprise functions across all regions we serve,” Xerox CEO Steven Bandrowczak said in the press release.
Xerox will implement the cuts this quarter, the statement said. The company did not immediately respond to CNBC's request for comment.
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