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Global Restructuring Plan not Country-specific: HP Inc

Based on the current environment, HP anticipates generating free cash flow of at least $3 billion for fiscal 2020

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HP also unveiled 65-inch gaming display with soundbar at CES 2019. Flickr

As the incoming HP Inc President and CEO Enrique Lores announced restructuring plans that will save $1 billion by the end of 2022, the company on Monday said it is a global restructuring plan and not any country or location-specific move.

HP Inc last week announced a fiscal year 2020 restructuring plan to simplify its operating model and become a more digitally-enabled company.

The company expects to reduce gross global headcount by approximately 7,000-9,000 employees through a combination of employee exits and voluntary early retirement.

“This is a global restructuring and we’re not breaking down numbers by site or location,” HP Inc said in a statement shared with IANS.

According to Lores, the company is taking bold and decisive actions as it embarks on its next chapter.

“We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work,” Lores said last week.

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PC and printer major HP Inc. on Monday introduced new “Pavilion x360” notebook with 10th Gen Intel Core processor. (IANS)

HP Inc. in August announced that Dion Weisler would be stepping down as the President and CEO “due to a family health matter” and would be succeeded by Lores from November 1.

Weisler joined HP in 2012 and has served as President and CEO since 2015.

Weisler will work with Lores to ensure a seamless transition and will remain at the company through January 2020. Following this, Weisler will continue to serve on HP’s board of directors until the next annual meeting of stockholders.

“We will become an even more customer-focused and digitally enabled company, that will lead with innovation and execute with purpose,” said Lores.

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Based on the current environment, HP anticipates generating free cash flow of at least $3 billion for fiscal 2020.

In fiscal 2020, the company indicated that it expects to return at least 75 per cent of free cash flow, with a 10 per cent increase in the planned quarterly dividend amount, and the balance returned to shareholders through share repurchases. (IANS)

Next Story

Bloatware App’s Flaw gets Fixed for HP

HP releases Updates this month to fix Bloatware Issues

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HP has released updates this month to address the issue of Bloatware. Pixabay

HP has issued a security advisory for its Touchpoint Analytics, to fix Bloatware which was said to be containing a security flaw that could let malware gain admin rights and take over vulnerable systems, as noted by security researchers from SafeBreach Labs.

HP has released updates this month to address the issue.

HP desktop and laptop owners were advised to follow instruction details in the company’s security advisory and updated its Touchpoint Analytics client at their earliest convenience, ZDNet reported on Friday.

The researchers had found the security flaw in HP Touchpoint Analytics in July, according to the Tech republic.

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The HP Touchpoint Analytics app falls under the category of bloatware. Pixabay

Security researchers at SafeBreach said that they uncovered a new vulnerability which meant every version below 4.1.4.2827 was affected by what they found.

The HP Touchpoint Analytics app is falls under the category of bloatware which essentially a type of software that comes pre-installed on new devices.

The app’s purpose is to collect diagnostics data about hardware performance and send the information back to the firm.

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HP desktop and laptop owners were advised to follow instruction details in the company’s security advisory. Pixabay

The app usually whitelisted and runs with admin rights on HP systems, to be able to access various details from software drivers and other hardware components.

According to Peleg Hadar, a security researcher with SafeBreach Labs, there is a way to hijack the application’s normal mode of operation and load malicious DLL files to run rogue code with elevated privileges.

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Hadar found that what security experts call a local privilege escalation (LPE), a type of vulnerability that’s quite common in modern software, the ZDNet report added. (IANS)