Xerox target cutting more than 3,000 jobs as part of reorganization, and stock extends losing streak

Shares of Xerox Holdings Corp. (XRX) dropped 2.4% in premarket trading Wednesday, after the copier and printer maker announced a reorganization and shift to a business-unit operating model that targets cutting 15% of its workforce. Based on employee numbers disclosed in recent filings, that implies more than 3,000 employees will lose their jobs. "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," said Chief Executive Steven Bandrowczak. As part of the reorg, the company said Louie Pastor returns as chief transformation and administrative officer and Flor Colon was appointed Chief Legal Officer, while Joanne Collins, president of Americas, and Tracey Koziol, chief product officer, have left the company. Xerox's stock has slumped 7.1% amid a four-day losing streak, which started after it closed at a 16-month high of $18.94 on Dec. 27. It has run up 15.6% over the past three months, while the S&P 500 has advanced 11.6%.

-Tomi Kilgore

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01-03-24 0934ET

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