Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model.

Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. Based on this figure, Wednesday’s layoffs will affect about 3,075 employees.

Shares of Xerox closed down more than 12% following the announcement Wednesday.

The company’s restructuring plan involves simplifying its products within its core print business, increasing efficiency across its global business services and boosting focus on IT and other digital services, according to a release. Xerox said it also redesigned its executive team to help carry out the new model.

“The shift to a business unit operating model is a continuation of our client-focused, balanced execution priorities and is designed to accelerate product and services, go-to-market, and corporate functions’ operating efficiencies across all geographies we serve,” Xerox CEO Steven Bandrowczak said in the release.

Xerox will carry out the cuts this quarter, according to the release. A representative for Xerox did not comment beyond the release.

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