Hewlett-Packard will hold two press conferences this morning to discuss the details of its expected restructuring plan.
Separate phone conferences for financial analysts and reporters will provide "details of a company restructuring plan," HP said. The company is expected to announce as many as 25,000 layoffs, according to recent reports.
New CEO Mark Hurd has already made some changes to HP's structure. Shortly after taking over in late March, he separated HP's printer and PC divisions and brought in former PalmOne executive Todd Bradley to run the PC group, undoing a move his predecessor, Carly Fiorina, had made in January. Hurd undertook similar steps with the company's marketing and IT groups, separating sales from marketing and IT from supply chain and bringing in new executives to run the marketing and IT departments.
The new layoffs are expected to hit HP's software, IT, and servers and storage groups especially hard, said Cindy Shaw, senior analyst with Cabot & Moors, in a research note distributed last week.