I’ve seen multiple posts and questions about any actions, reductions , layoffs etc. This is definitely under evaluation currently with actions near end of March.
It will most definitely include production , renaming xbs presidents (look for some legacy presidents that are not currently regional leaders to “retire”), finance/accounting continued restructuring.
Folks - wake up please. This company and leadership is neither customer focused nor employee focused. They care about one thing - perfuming the cr-p out of the proverbial xerox stock as long as they can cash out and sell their lucrative unrestricted options. Go look Up SEC filings and you will see they’re all selling. If they believed in their “technology” , their frictionless velocity and all the other BS , would they be selling all their stock.
Get out now … if you like the industry , look at the mid to larger size regional dealers …. They’re flush with cash and making investments. Good luck to everyone.
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"...with actions near end of March. It will most definitely include production , renaming xbs presidents (look for some legacy presidents that are not currently regional leaders to “retire”)."
This happened at RK Dixon. Our president is "Retiring" at the end of March. Would love to know if he was forced out, or decided to say he's retiring just to save face. Either way, I'm sure he's laughing all the way to the bank.
Regarding the post below about whether the CEO and Board of directors have any interest in keeping the company going - I'm going to say no, they don't.
When companies are in this much trouble they typically suspend paying a dividend to save much needed cash. Yes, the stock price will go down as some shareholders sell their stock but the millions that would be saved could be poured into R&D, competitive acquisitions, or attracting top talent to help pull the company out of the mess it's in.
But instead this CEO and BoD are bleeding the company dry in order to continue paying out dividends and stock options to Icahn and Sr Mgmt.
So yes, I say it's being done intentionally with no regard for whether the company survives or not. They don't care. Icahn will just move on to another stock to plunder, and Sr Mgmt will just pull the ripcord on their golden parachutes while the rest of us file for unemployment.
I hear rumours there will be layoffs in some departments. But I also know there are numerous job openings in others. Those openings may close though unfilled to save some money.
Its been some time since a mass layoff that I have heard of. I suspect furloughs (which turned to layoffs) and covid handouts kept the ship afloat for a while but those are done now. Meanwhile inventory is horrible due to chip shortage and the need for print declines by the day. Xerox is investing in some new companies but will they bring in enough revenue in time to save it? I doubt it.
Xerox HAS to cut people, resources, and investment.
Revenue has been destroyed by Covid, and was already in a steep decline prior to that. Even now, with Covid vanishing away overnight, customers have seen that they can cut costs of their own by letting employees work from home. There will not be a big "return to the office" movement. Zoom/WebEx/Teams meetings have removed the need for printing slide decks before a conference call. Now you just view it from someone else's PC. Print is going away except in certain cases and Xerox has not positioned itself to take advantage of this shift.
So the cuts will continue.
These ideas that Xerox won’t cut any more jobs is just laughable
I don't believe there will be any significant cuts. Xerox is suffering from previous cuts, attrition and retirements. Employee headcount will continue to dwindle without and further cuts.
At some point you really have to ask if the CEO and Board of Directors have any interest in keeping the company going.
There have been so many cuts that people are doing 2 to 3x what they used to, but only getting half of the original output because so much has been deemed "not critical" and isn't done anymore. I get that cost has to follow revenue but at some point you keep eating into your core resources and people and eventually you're not going to be able to do anything at all and the whole engine vapor locks and can't go further.
But all the while we kept paying millions of dollars in dividends to shareholders while that core of the company crumbled.
Seems like GIS/XBS has been kicked in the teeth ever since being brought under the Xerox umbrella.
Any info on whether the Direct side is also going to be affected? (More than just the usual amount)
Can't argue with anything this op said. Get out now while the getting is still good. Sad to see what all three of those groups have become with the clowns are running them.
It’s amazing how this isn’t obvious to so many d-mb d-mbs that visit this site to find out their doom - here’s a hint: if you stay at Xerox you’re up next on the chopping block !