This is about much more than headcount reduction. Get ready to be shocked when you see the changes to our product line up, our expanded partner for equipment manufacturing, and organization to support specific Go-to-Market opportunities by geography and sector. Taking more time as lots of moving parts-this will also not be done in a few weeks. It is the right move - better than just shriveling up like Kodak and Polaroid. Big play, big change coming. Let's go out fighting.
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Titanic!!!
What's next?
Obscene executive pay raises coming after the great employee purge. Rewarded for cutting personnel costs and redirect the savings towards long-term investments and positive stock prices for shareholders.
https://www.gwinnettdailypost.com/arena/thestreet/citigroup-ceo-receives-large-salary-boost-despite-low-company-profits/article_5c023250-3c25-5013-b08c-d9b90e71abca.html
Project Disown It is on deck
How about we all go back to work and slow the demise?
Look for a stronger relationship with an Indian provider, and a Japanese provider (not Fuji) in the coming weeks. It will be about consulting and equipment as a way to enter.
Executive comp is not as costly as you think. A large part is stock grants which are not part of the earnings calc. And surprisingly, the IRIF hit some high level executives this time. That is a first.
"Print isn't dead, but the casket and flowers have been ordered."
Agree 100% with this.
Those of you thinking that anything related to print - even major restructuring - will save the company, well, I have bad news for you.
With the ever growing use of Teams, Skype, and Zoom, no one prints presentations anymore. Hardly anyone prints documents anymore. And since Covid I know 3 local school districts that have gone exclusively Chromebooks, so over 1M prints a year vanished - never to return - just from around 30k students. Colleges are doing the same thing. Law firms are all moving to DocuSign. Think about your own experiences - how much do you print post-Covid? Print isn't dead, but the casket and flowers have been ordered.
Which means X is going to have to depend on IT and/or services to remain in business. Sorry, not going to happen. HCL and HP and others already have that market. X will be fighting for table scraps to try and survive. It used to be a great company, but it got WAY too comfortable and competitors and processes have passed it by. The pivot to IT and services should have happened a decade ago.
For those about to be impacted by the layoffs, my sincere condolences. Pick yourself up and hope you find something even better.
For those that aren't affected by the upcoming action, DO NOT get comfortable. There WILL be more because unless they're bulldozing the Webster campus to plant an orchard of money trees, the company is too far behind the competition and too out of touch with how people and businesses work now to recover.
Best of luck to everyone.
X will be like a Phoenix,
rising from Arizona
Xerox executive team has no clue how to increase budget. Shaving headcount instead of restructuring executive level salaries is main problem. Think of NFL, you can't keep paying max salaries for a handful of players and expect to fill remainder of team with good players. Sb, JB and team need to take significant pay cuts. Going after blue collar that supports sales and drives customer renewals is ludicrous.
Everyone needs to tune up the finer points of their plan B.
If it cost me my job this is not good. It is more basic for me. Work, get paid, work, get paid - I don't care about the future of Xerox, I care about making my monthly expenses. This is the only reason I work. Because I have to.
Maybe if I were on some long term incentive, or a bonus program, I would be blowing smoke about the future, but, honestly all I want to do is stay employed and get paid. Pay my bills and have enough to go on a nice vacation.
Yawn…Xerox had multiple chances to evolve but chose mediocrity. Anyone pinning hopes on a phoenix metaphor outcome is completely delusional. Kool-aid won’t pay the mortgage but if it is all you got…chug a lug. Prepare to be shocked on yet another over promise & under deliver.
https://m.youtube.com/watch?v=kMvtrM_jhVE
Let's hope it works for all our sakes. Bad news is we have a perfect record of sc--wing stuff up over the past 20 years - last real XRX success was DocuTech then it all started to unwind since then. Glad I only need 7 more years.