US computer and printer maker HP announced Thursday it will cut more than 10 percent of its global workforce to simplify operations and cut costs.
The California-based company said it will trim its workforce of some 55,000 employees by up to 9,000 positions over the next three years.
“We are taking bold and decisive actions as we embark on our next chapter,” incoming HP chief executive Enrique Lores, who takes the reins at HP in November, said in a press release.
The plan unveiled by Lores responds to changing consumer habits, particularly regarding the company’s lucrative printer cartridge business line.
Under the restructure, HP will heighten focus on tactics such as selling printers at bargain prices, providing buyers commit to buying ink cartridges from the company.
The computer and printer maker HP was formed after the 2015 spin-off of cloud computing and software business Hewlett-Packard Enterprise.
Lores was in charge of the HP printer division when he was appointed earlier this year to replace Dion Weisler, who had announced he was leaving due to a “family health matter.”
HP three years ago announced several thousand job cuts as part of another restructuring plan intended to cut costs at the company.