Xerox, a firm recognized for its digital printing and document management technology, has announced a 15% reduction in its staff. This decision is part of a broader strategy to implement a new organizational structure and operational model. As part of the restructure, the corporation has also revealed a list of new executive leadership.

Xerox employed around 20,500 employees at the end of last year. This adjustment is projected to affect roughly 3,000 employees as a result of the announced reduction. The corporation intends to carry out these layoffs this quarter.

According to CNBC, Xerox's stock dropped by more than 12% following the announcement. The company's reorganization strategy calls for streamlining its core print business products, enhancing efficiency across its worldwide business services, and focusing more on IT and other digital services.

As per Xerox CEO Steven Bandrowczak, the shift to a business unit operating model is a continuation of their client-focused, balanced execution priorities. This is intended to improve the operational efficiencies of products and services, go-to-market, and corporate processes across all regions they serve.

Bandrowczak stated, "The evolution of Xerox's Reinvention aligns our resources in three key areas - improvement and stabilization of our core print business, increased productivity and efficiency through the formation of a new Global Business Services organization, and disciplined execution in revenue diversification."