Conduent Closes 80 Sites to Cut Costs

Michael Novinson reported

Conduent Closes 80 Sites, Looks To Exit Non-Core Businesses In Push To Cut Costs By $700M

Conduent has slashed 9 percent of its sales, general and administrative costs and is considering leaving from $250 million to $500 million worth of non-core business behind.

The Florham Park, N.J.-based company said it is committed to becoming a leaner and more focused company following its separation from Xerox at the start of the year, and remains on track to achieve $700 million of cost savings by the end of 2018, according to CEO Ashok Vemuri.

Vemuri told Wall Street analysts Wednesday,

Conduent inherited a sprawling, fragmented and costly operational structure that restrained our execution and competitiveness. Aligning our cost structure and operational model with industry benchmarks is foundational to our turnaround plan.