HP has unveiled plans to cut between seven and nine thousand jobs as part of a restructure set to cost the PC maker $1bn.
The company intends to cut around one in six jobs through redundancies and voluntary early retirement offers in the next fiscal year.
The cost of the ten figure restructure will be split across the next three years. HP claims it will result in annual savings of $1bn from 2022.
It comes as Enrique Lores, who joined the company as an engineering intern in 1989, prepares to take the helm of the US firm in November.
In a statement, the incoming chief executive said he was taking “bold and decisive actions” in a bid to create shareholder value.
The company’s share price fell by more than 10 per cent in February and hasn’t recovered in the months since.
Lores added: “We will become an even more customer-focused and digitally enabled company, that will lead with innovation and execute with purpose.”
Outgoing chief executive Dion Wiesler said: “I have no doubt our team will keep raising the bar under Enrique’s leadership.”