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HP restructures to cut up to 9,000 jobs

In its latest outlook report, HP has announced the loss of between 7,000 and 9,000 jobs as part of its 2020 restructuring plan which will allow it to become a more “digitally enabled company”.

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HP is set to cut up to 16% of its global workforce

At HP’s 2019 Securities Analyst Meeting, the firm outlined its strategy to reduce costs and simplify the business, which includes cutting its global headcount by between 7,000 and 9,000 roles.

The job losses, HP says, will be a mix of redundancies and voluntary early retirements which amounts to a 16% cut to its workforce based on a total headcount of 55,000 as of 2018.

HP is expecting the restructuring charges between now and the fiscal year 2022 to amount to $1bn (approx. £810m), but it hopes to save around $1bn in the same period.

“We are taking bold and decisive actions as we embark on our next chapter,” comments Enrique Lores, incoming president and chief executive officer at HP. “We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work.

I’m confident in our ability to execute with the multiple levers we have to drive profit and create value in our businesses

He continues: "We will become an even more customer-focused and digitally enabled company, that will lead with innovation and execute with purpose.”

Dion Weisler, president and chief executive officer (CEO) at HP, adds: "I’m proud of the progress we have made across our business with cutting edge innovation, disciplined execution and a purpose driven culture. I have no doubt our team will keep raising the bar under Enrique’s leadership.

Weisler is set to step down as CEO in November in HP’s first leadership change in four years.

“In FY19 [fiscal year 2019], we continue to deliver on our financial commitments, with consistent company-level performance, non-GAAP earnings per share, free cash flow and return of capital,” adds Steve Fieler, chief financial officer. “I’m confident in our ability to execute with the multiple levers we have to drive profit and create value in our businesses.”

According to HP’s fiscal year 2018 results, the company achieved a net revenue of $58.5bn (approx. £47.4bn), up 12% from 2017.

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