Xerox cut 900 people from its global workforce in the third quarter as part of an ongoing restructuring, while reporting it has reduced the severance it pays employees who are losing their jobs, particularly in the United States.
In the first full quarter that new CEO John Visentin has led Xerox, after a proxy battle that shifted leadership of the company to activist investors Carl Icahn and Darwin Deason, the Norwalk-based printing equipment maker reported net income of $89 million in the third quarter, down from $179 million the year before, with sales off 6 percent to under $2.4 billion.
Speaking Wednesday morning on a conference call, Visentin said he was disappointed with the company’s revenue in the third quarter, with Xerox focused on improving how it compensates employees for producing results under a new internal “Own It” program among other changes Visentin described as “optimization” actions. read the rest here