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FILE PHOTO: A screen displays the logo for HP Inc. at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid
(Reuters) – Hewlett Packard Enterprise (HPE.N) on Thursday unveiled a plan to cut costs by at least $1 billion (817.5 million pounds) 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
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