American multinational tech firm Hewlett-Packard will soon reduce the over thousands of staff globally over the time of the next three years. In its press release, HP Inc specifically mentioned that they have the intention to cut between 7,000 to 9,000 jobs ‘through a combination of employee exits and voluntary early retirement.’ It expects to complete the reduction of its employees by the company’s 2022 fiscal year.
According to HP Inc., this move will save them about $1 billion in annual gross run by the end of fiscal 2022. A filing with the U.S. Securities and Exchange Commission mention that as of October 31, the California-based company had about 55,000 employees worldwide, which means that up to 16% of the said staff will be targeted in the job cut-down.
Enrique Lores, HP’s incoming CEO said, “We are taking bold and decisive actions as we embark on our next chapter. We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work.”
For the current fiscal year, HP Inc. expects adjusted earnings to be in the range of $2.18 to $2.22. The firm also added that its board had approved an additional $5 billion in share buybacks.
Back in August, its president and CEO, Dion Weisler, announced his retirement plans and Lores will take over the CEO position on November 1 from Dion Weisler.