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Xerox has initiated a significant restructuring effort in 2024, announcing a workforce reduction of 15% as part of its ongoing transition to prioritize business services over traditional photocopiers.

The company's move aims to streamline operations and adapt to the evolving needs of the modern workplace.

Xerox's Reinvention

The decision, revealed on January 3, will affect about 23,000 employees globally, with the layoffs scheduled for the first quarter of 2024. This realignment underscores Xerox's commitment to its "Reinvention" strategy, focusing on core print business enhancement, productivity gains, and service refinement.

CEO Steven Bandrowczak outlined three core priorities for Xerox's Reinvention strategy. Firstly, the company aims to simplify its core products to align with the requirements of today's hybrid workplaces.

Secondly, the establishment of a new Global Business Services organization seeks to enhance enterprise-wide efficiency through simplification and centralized processes. Lastly, Xerox aims to sharpen its focus on emerging digital services and IT capabilities for revenue diversification.

"The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions' operating efficiencies across all geographies we serve," Bandrowczak said in a press release statement.

Key Appointments

The restructuring plan includes a redesign and realignment of Xerox's executive team to support the new operating model.

Key appointments include John Bruno, leading enterprise alignment of Print, Digital Services, and IT Services businesses, Louie Pastor as Chief Transformation & Administrative Officer overseeing the Reinvention Office and Global Business Services, and Flor Colon as Chief Legal Officer and Corporate Secretary.