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

(Reuters) – Hewlett Packard Enterprise on Thursday unveiled a plan to cut costs by at least $1 billion by 2022 and said it would reduce the base salary of its chief executive officer by 25%, 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.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)