The California based company said that it cut its global headcount by between 7,000 and 9,000 roles via redundancies and voluntary early retirements, working out as a 16% cut to its workforce based on a total headcount of 55,000 as of the end of 2018.
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HP expects to book about $1 billion in restructuring charges between now and fiscal year 2022 as a result, but anticipates that the job losses will also generate about $1 billion in savings by the end of 2022.
The move comes as HP prepares for its first leadership change in four years.
Enrique Lores, the company’s incoming chief executive officer is due to replace Dion Weisler, who is stepping down due to “a family health matter”, on 1 November.
HP separately said on Thursday that its board had approved an additional $5 billion in share buybacks.
The shares are down about 10% year-to-date versus a 16% gain for the S&P 500.
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