https://www.stamfordadvocate.com/business/article/Xerox-cuts-400-jobs-in-Q1-13795605.php
Xerox cuts 400 jobs in Q1
orwalk-based Xerox jettisoned 400 more jobs in the first quarter of the year while leaving unfilled roughly another 1,100 that opened up as a result of employee attrition.
The reductions took Xerox’s workforce to 30,900 people at the end of March.
Under CEO John Visentin, revenue dropped 9 percent from a year earlier to $2.2 billion, but profits surged to $133 million from $23 million in the first quarter of 2018.
Shares were down 5 percent Thursday to $32.17, but remain up 60 percent on the year.
Xerox paid out $24 million in severance between January and March and another $12 million to cancel existing leases, with the company stating it has another $74 million in restructuring charges budgeted for the coming 12 months.
“We optimized our workforce, and while we don’t ever want to minimize the risk of disruption that’s created by all these changes, ... in each case we made these changes because we know what’s best for Xerox in the long-term,” said Bill Osbourn Jr., chief financial officer of Xerox, speaking Thursday on a conference call with investment analysts. “I personally met with over 300 of our managers, and I can tell you that while there was some disruption, they are all excited about the future because we are investing in the long-term.”