HP Is Losing Employees Faster Than It Expected To

Meg WhitmanHP CEO Meg Whitman

Photo: AP

Hewlett Packard’s CEO Meg Whitman said that the company has already shed 4,000 employees in the last quarter and that it will drop 11,500 total by October.So it’s moving on a faster pace with layoffs than expected. HP announced its massive restructuring plan in May. The company said it would trim 27,000 employees by the end of its fiscal 2014 and originally predicted that 9,000 would be gone during this fiscal year, which ends in October.

These cuts are to save the company over $3 billion, although they will also cause the company to take a $1.7 billion charge.

“Overall we had a decent quarter and again we did what we said we were going to do,” Whitman said.

She reiterated that HP was only the first stages of a multi-year turnaround. During just the third quarter alone, HP rejiggered a bunch of executives including the exit of Autonomy’s CEO Mike Lynch,¬†hiring a new general manager for HP Software and boosting Bill Veghte into the new role of COO.¬† This month, it also announced a new CIO and that it had replaced out the head of its Enterprise Services division.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.