Hewlett-Packard (HP) has announced a shake up of its imaging and printing unit, with VJ Joshi, EVP of the printer group, aiming to double the unit’s revenue within a decade.
Joshi, who has headed the printer group since its division from the company’s PC unit in June, has been reducing investment in basic products and has increased expenditure in potential growth areas, such as digital photography and publishing.
On 12 July, the company unveiled faster inkjet technology that reduces photo printing time by half. It has also announced a photo printing deal with the Walgreen drugstore chain.
As well as splitting the PC and printing units, new CEO Mark Hurd is also carrying out restructuring at a larger level as part of a wide-reaching strategy to cut costs. HP has announced it will cut 14,500 jobs – about 10 per cent of its full-time staff – over the next six quarters.
It is hoped that the job cuts, which will mostly come in support funtions such as IT, human resources and finance, will save the company $1.9 billion annually and increase efficiency to the same levels as rival Dell.