HP Inc. to cut up to 2,000 employees in restructuring

On February 27, HP approved an amendment to its current restructuring plan that it expects will be implemented through the end of fiscal 2025, the company said in a regulatory filing. The amendment is expected to generate additional annualized gross run rate savings of approximately $0.3B in fiscal 2025, for a total of approximately $1.9B over the course fiscal 2023 through fiscal 2025. HP anticipates incurring approximately $150M in additional restructuring and other charges in connection with the plan amendment, due primarily to cash labor costs, for a total of approximately $1.2B in restructuring and other charges over the course of fiscal 2023 through fiscal 2025. HP expects incremental gross workforce reductions of approximately 1,000 to 2,000 employees in connection with the amendment. The changes to the workforce will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate.