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.
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.
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)
While several industries reel under the COVID-19 lockdown impact in India, PC and laptop majors like HP and Lenovo have seen a massive surge in bulk buying from corporates and enterprises to keep their workforce stay home, safe and connected.
Chromebooks and business laptops started disappearing from the shelves even before the 21-day lockdown was announced from March 24 midnight, as millions of Indians across the spectrum began working from home as corona-positive cases began emerging from various offices from early March.
A Lenovo spokesperson told IANS that there has been an uptick in demand for laptops and other accessories in the social distancing times. “Inevitably, given the rise in the need for remote and flexible working from businesses around the world, we have seen an increase in demand for laptops and supporting accessories,” said the spokesperson.
Industry insiders informed that HP Inc has also seen a huge demand and its work-from-home products have been sold out in the country.”Chromebooks have seen the most demand as the data is stored on the Cloud and is safe for the companies from the cybersecurity point of view. HP Chromebooks/business laptops were bought in bulk across industries, majorly by the IT giants,” the industry sources told IANS.
Please Follow NewsGram on Instagram To Get Latest Updates From Around The World!
Even during the lockdown, PC and print majors have been given special permission by the government to supply supporting accessories like cartridges, toners and hard disks etc, to hospitals (to record and maintain COVID-19 data), banks and other essential services to keep their operations going on seamlessly.
According to Thomas George, President, CyberMedia Research (CMR), there has been a significant increase in the sale and renting of laptop PCs due to the work-from-home situation. “This trend is witnessed across the sectors. However, large organisations are placing fresh orders as they provision and enable an entire process or team to work remotely. For example, an IT services major was rolling out 4,000-5,000 laptops daily to the employees in order to work from home,” George told IANS.
On the back of its strength in managing complex supply chains, Lenovo India is aiming to double its PC shipment volume in the financial year 2020-21 and log 15 per cent year-over-year revenue growth during that period despite the challenges brought about by the new coronavirus (COVID-19) pandemic, according to Rahul Agarwal, CEO and MD, Lenovo India.
“Lenovo is leveraging its geographical balance, operational excellence and strength in managing complex supply chains across a global manufacturing footprint, and solid strategy execution in order to weather the challenges,” Agarwal told IANS late last month. The PC, print and laptop majors are now facing the supply issue as demand is still coming from all quarters, and hope to address this as soon as the lockdown is cleared.
“There will be supply and demand gap occurring due to the restrictions around component import under current circumstance and it will push the prices further up,’ said George. India’s traditional PC market saw a six-year high with 11 million shipments of desktops, notebooks and workstations in 2019 — an impressive 18.1 per cent year-over-year (YoY) growth, according to the International Data Corporation (IDC).
“In absence of any fresh mega-deal, lingering concerns around component shortage, and supply uncertainties due to recent novel coronavirus outbreak, it would be difficult for vendors to maintain this level of growth in 2020,” said Jaipal Singh, Associate Research Manager, Client Devices, IDC India. (IANS)
PC and printer major HP Inc. on Thursday announced a variety of relief initiatives aimed at arming its global channel partner community to effectively navigate the operational and financial challenges associated with COVID-19.
Customers can also take advantage of a delayed payment structure or enroll in a PC rental programme, available on equipment contracts for a period of 12 months, said the company. After 12 months, rental devices can be extended, purchased or returned for an upgrade, it added.
In addition to providing a variety of financing and leasing options for end customers, the company will offer short-term, market and country-specific incentives for channel partners, the company said, adding that the offers will vary by geography and are dependent on partner eligibility.
In addition, HP has implemented a more predictable, flat-rate incentive programme and relaxed compensation models to allow for more partner flexibility with linearity while extending deadlines for submission of proof of performance and reporting.
“We’re structured to ensure the continuity of our business operations even under the most challenging circumstances and we feel very fortunate to be in a position to offer the help and support needed by our valued partners and customers,” Christoph Schell, Chief Commercial Officer, HP Inc., said in a statement.
Please Follow NewsGram on Twitter To Get Latest Updates from Around The World!
In partnership with its endorsed finance partners, HP is now offering a variety of financial and asset lifecycle options, including deferred/reduced payments until 2021, short term rentals and cash infusion for customer-owned HP devices through a sale leaseback programme.
Qualified customers can convert existing, owned workplace assets into a payment solution or acquire technology needed today with reduced payments for the remainder of 2020 to alleviate temporary cash flow challenges.
The company earlier announced advanced security solutions to provide complete threat protection for businesses and their remote workforces. In addition to offering tips and advice online, HP is also offering free customer webinars to help set up home offices securely.
To help arm partners with the skills and knowledge required to optimise revenue and future-proof their business, HP University offers online, on-demand learning options across a variety of topics including sales skills education, product training and industry-leading certifications.
Partners can opt in for customized online digital learning paths designed to meet their specific priorities. HP shifted all events throughout fiscal 2020 (ending October 31, 2020) to virtual engagement models. In addition, the company has shifted its customer engagement model to an online platform across a broad set of topics including office printing, security, mobility solutions and HP services.
To address heightened demand for customer support, HP said it has cross-trained agents to manage multiple queues, established access to work-from-home technology for agents, and leveraging chat, social and web support options. (IANS)
PC and printer major HP Inc on Thursday announced advanced security solutions to provide complete threat protection for businesses and their remote workforces.
The new solutions offerings include HP Pro Security Edition, HP Proactive Security and HP Sure Click Enterprise.
According to the company, HP Pro Security Edition is the world’s most advanced application isolation and deep learning endpoint protection on Windows 10 PCs, delivering enterprise-level security designed for SMB customers. It is expected to be available on select HP Elite PCs purchased in the summer 2020.
HP Proactive Security is an advanced endpoint security service. By taking a protection-first approach, the managed service aims to help small- and medium-sized businesses defend against cyber-attacks without changing user behaviour or increasing IT workload.
It is available to select customers in pilots now and is expected to be available to customers and partners worldwide in April.
Meanwhile, HP Sure Click Enterprise is a secure endpoint application isolation and containment solution, protecting enterprise endpoints from even the most sophisticated of attackers while providing detailed, real-time threat intelligence to security teams. It is expected to be available in May.
Additionally, HP will offer HP Sure Click Pro free of charge through September 30 to help protect users from web, email, and document-based security threats.
HP Sure Click Pro will enhance the already existing HP Sure Click with additional features such as editing Word and Excel documents within an isolated container. This offer will be available for use on all HP and non-HP Windows 10 PCs. (IANS)