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| Hewlett-Packard to cut up to 30,000 jobs in restructure | |
| (35 minutes later) | |
| Hewlett-Packard is expected to cut 25,000 to 30,000 jobs as part of a restructuring, the company announced on Tuesday. | Hewlett-Packard is expected to cut 25,000 to 30,000 jobs as part of a restructuring, the company announced on Tuesday. |
| The latest job cuts are part of Hewlett-Packard’s plan to split the company into two listed companies – one focused on its computer and printer business and the other on hardware and service operations, to be known as Hewlett Packard Enterprise. | The latest job cuts are part of Hewlett-Packard’s plan to split the company into two listed companies – one focused on its computer and printer business and the other on hardware and service operations, to be known as Hewlett Packard Enterprise. |
| “These restructuring activities will enable a more competitive, sustainable cost structure for the new Hewlett Packard Enterprise,” Meg Whitman, current chairman and chief executive of HP, told investors on Tuesday. “We’ve done a significant amount of work over the past few years to take costs out and simplify processes and these final actions will eliminate the need for any future corporate restructuring.” | “These restructuring activities will enable a more competitive, sustainable cost structure for the new Hewlett Packard Enterprise,” Meg Whitman, current chairman and chief executive of HP, told investors on Tuesday. “We’ve done a significant amount of work over the past few years to take costs out and simplify processes and these final actions will eliminate the need for any future corporate restructuring.” |
| Whitman, who as early as 2012 said that she is trying to “build a new company”, is to become president and chief executive of HP Enterprise. | Whitman, who as early as 2012 said that she is trying to “build a new company”, is to become president and chief executive of HP Enterprise. |
| These are not the only job cuts that Whitman oversaw at the company. | These are not the only job cuts that Whitman oversaw at the company. |
| When the turnaround plan was announced in October of last year, about 5,000 jobs were eliminated, bringing the total of jobs shed under Whitman to 55,000. After the newest cuts go into effect, that number will go up to 80,000 or higher. | When the turnaround plan was announced in October of last year, about 5,000 jobs were eliminated, bringing the total of jobs shed under Whitman to 55,000. After the newest cuts go into effect, that number will go up to 80,000 or higher. |
| Related: Hewlett-Packard announces plan to split company in two as layoffs continue | Related: Hewlett-Packard announces plan to split company in two as layoffs continue |
| The company currently has more than 300,000 employees. | The company currently has more than 300,000 employees. |
| Carly Fiorina, a candidate for the 2016 Republican presidential nomination, has previously come under fire for the job cuts she oversaw while serving as chief executive of HP. About 30,000 jobs were lost during her tenure. | Carly Fiorina, a candidate for the 2016 Republican presidential nomination, has previously come under fire for the job cuts she oversaw while serving as chief executive of HP. About 30,000 jobs were lost during her tenure. |
| The newest job cuts will result in a charge of about $2.7bn. Yet according to Tim Stonesifer, chief financial officer of Hewlett Packard Enterprise, the company has previously identified $2bn in probable cost cuts. Adjustments to real estate strategy and reorganization across the company’s portfolio should achieve an additional $700m in ongoing savings, he said. | The newest job cuts will result in a charge of about $2.7bn. Yet according to Tim Stonesifer, chief financial officer of Hewlett Packard Enterprise, the company has previously identified $2bn in probable cost cuts. Adjustments to real estate strategy and reorganization across the company’s portfolio should achieve an additional $700m in ongoing savings, he said. |
| Hewlett Packard Enterprise is expected to have an annual revenue of more than $50bn and a long-term sustainable operating profit margin of 7% to 9%. | Hewlett Packard Enterprise is expected to have an annual revenue of more than $50bn and a long-term sustainable operating profit margin of 7% to 9%. |