HP Inc is set to cut up to 9,000 jobs as part of a restructuring which it says will save it $1bn annually by 2022.
The move would see HP's global workforce of around 55,000 slashed by 16 per cent.
Announcing the restructuring at its securities analysts meeting, HP said the move will allow it to "simplify its operating model and become a more digitally enabled company".
It said the cuts, expected to be between 7,000 and 9,000 jobs, will cost it around $1bn.
Incoming CEO Enrique Lores said: "We are taking bold and decisive actions as we embark on our next chapter.
"We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work.
"We will become an even more customer-focused and digitally enabled company that will lead with innovation and execute with purpose."
The restructuring announcement comes has HP wrestles to stabilise its print supplies business, which has come under fire from third-party traders online, particularly in Europe.
The vendor's supplies business has suffered year-on-year declines in the first three quarters of HP's current financial year.
Current CEO Dion Weisler is set to step down at the end of the month, with Lores, currently the boss of HP's printer division, taking over.
"I'm proud of the progress we have made across our business with cutting-edge innovation, disciplined execution and a purpose-driven culture," said Weisler. "I have no doubt our team will keep raising the bar under Enrique's leadership."
HP said it expects $100m of its proposed $1bn savings to be made in its Q4, with $500m in fiscal 2020 and the remainder in the following two years.
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