19 Jul 2005
HP is to cut 14,500 jobs in a restructuring programme intended to make annual savings of $1.9bn (£1.1bn).
The company will axe 10 per cent of its regular full-time staff over the next year-and-a-half. Modifications will also be made to the company's US retirement benefits programme.
‘After a thorough review of our business, we have formulated a plan that will enable HP to begin delivering its full potential and perform better,’ said Mark Hurd, HP chief executive.
The company says half the savings will be used to offset market forces or reinvested in the business to strengthen HP's competitiveness. The remainder is to be put into operating profit.
Changes to the company’s retirement scheme will include a freeze on the pension and retiree medical programme benefits of current employees who have not been with the company long enough.
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