In an open letter to stakeholders, Mark Barrenechea describes the job cuts as a way of placing the right talent in the right locations, funding growth and innovations, and ensuring higher productivity, lower costs, and expanded margins.
The job reduction will come with one-time costs of about $60 million but will generate about $150 million in savings per year. OpenText plans to create 800 new roles in sales, professional services, and engineering while ushering in a new chapter 'OpenText 3.0 Information Reimagined.'
The new chapter focuses on cloud, security, and artificial intelligence innovations. OpenText aims to automate and drive productivity for workers in the cloud segment, transform business processes with AI, and ensure security and compliance for global businesses across all technology.
Barrenechea expressed excitement for future opportunities to grow market share, transform customers, pursue margin expansion, and deliver long-term value for stakeholders through strong capital allocation.
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