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H-P Outlines Up to 30,000 More Job Cuts
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As HP separates into two separate companies that can be focussed and nimble, CEO Meg Whitman says that it has been a difficult road for HP. The new organization will have a lower cost basis by making job cuts as HP sales shrink- about 30,000 additional job cuts will be made in addition to the 55,000 announced earlier, mostly in enterprise services as the outsourcing operations have declined. HP sales and profits have declined with profit of $8.76 billion in fiscal 2010 on $126 billion in sales dropping to $5 billion in profit on $111.5 billion sales by fiscal 2014. Meg Whitman, CEO, says this should complete the changes and set the business up for future growth in new business areas. She also says HP has not done anything stupid in the last 4 years, alluding to the losses on the ill advised Autonomy acquisition. A big shift is being made in the Enterprise Services Group by setting a rule that no single account should be more than 10%- in 2013 just 3 accounts made up 65% of operating profit. One area of growth is cloud computing related business where it sees revenue growth of 20% for the next couple of years. Other areas include data analytics.
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HP formally splits into 2 businesses in November 2015- HP Enterprise in tech infrastructure and services, and HP Inc. in printers and PC's
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HP will separate printers and personal computers from the Enterprise infrastructure (servers, software) and enterprise tech services (cloud computing, data analystics, outsourcing software) in Nov. 2015. This will be done by consolidating the outsourcing part of the business in lower cost locations, cutting 30,000 jobs most of them in Enterprise services, in addition to the 16,000 cuts made in 2014. The purpose is to come up with a more focussed and nimble organization. HP Enterprise will look for opportunities in new business such as data analytics, cloud computing, where it faces competition from IBM and Amazon. HP Inc. will go into 3-D printing. Meg Whitman will be CEO of HP Enterprise and chairperson of HP Inc.
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