A multinational information technology company, HP (Hewlett-Packard) has announced plans to slash about 16% of its workforce as part of a restructuring initiative.
The technology company said it will cut 7,000 to 9,000 positions through firings and voluntary early retirement.
HP expects the moves to save it about $1 billion a year by the end of its 2022 fiscal year.
However, the reorganization will cost $1 billion, resulting in charges of $100 million in the fiscal fourth quarter, $500 million in fiscal 2020 and the rest split between fiscal 2021 and 2022, the company said.
In 2018, the company had given the numbers of its employees as 55,000.
Meanwhile, there would also be changes at the management level with the chief executive, Dion Weisler stepping down.
Weisler would hand over the reins to a long-serving HP manager, Enrique Lores by November 1.