Xerox Holdings Corporation (NASDAQ: XRX) has announced a new operating model and organizational structure aimed at advancing the company's reinvention. The company's CEO, Steven Bandrowczak, outlined the three key areas of focus which include: "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."
The company's stock experienced a -1.5% movement Friday, closing at a price of $16.32 per share on the day of the announcement.
Bandrowczak emphasized the significance of the shift to a business unit operating model, stating that it is designed to accelerate product and services, go-to-market, and corporate functions' operating efficiencies across all geographies served by the company.
The new operating model is expected to prioritize three key reinvention priorities and intended outcomes, including the simplification of core products, increased investment in partner-enabled go-to-market models, and pursuing strategic market share gains. Additionally, the company aims to drive enterprise-wide efficiency and scalability, improve quality for all business units and functions, and create greater organizational focus on Xerox's emerging digital services and IT services capabilities.
In support of the new operating model, the company has redesigned and realigned its executive team, with individuals appointed to lead various key areas of the business.
Bandrowczak expressed his gratitude to the new executive leadership team and thanked departing members for their contributions to the company and culture. He also addressed the company's commitment to providing transition support for affected employees as it targets a 15% workforce reduction this quarter.
The company's full 8-K submission is available here.
