Hewlett Packard to cut costs by US$1 billion, reduces CEO pay by 25% on pandemic woes

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Hewlett Packard to cut costs by US$1 billion, reduces CEO pay by 25% on pandemic woes

Hewlett Packard Enterprise on Thursday unveiled a plan to cut costs by at least US$1 billion by 2022 and said it would reduce the base salary of its chief executive officer by 25 percent, in response to the impact of the COVID-19 pandemic.

The cost-savings plan will include changes to the company’s workforce and is expected to deliver annualized net run-rate savings of at least $800 million, the company said.

 

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