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HP cuts thousands of jobs


US personal computer maker will slash as much as 16% of its workforce within cutting costs measures amid the company’s first change in top leadership in four years.

The step is a part of a restructuring plan aimed at cutting costs

Stocks impacted: HP Inc (HPQ)

The company intends to cut between 7,000 and 9,000 workers through a combination of employee exits and voluntary early retirement. It expects to complete the culling in its 2022 fiscal year. The company currently has 55,000 employees globally, with the restructuring will cost it about $1 billion total. The incoming chief executive officer Enrique Lores will take over the CEO position on November 1 from Dion Weisler. On Thursday, HP stock closed 1% lower.

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