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Exela Technologies announces updates to 2023 operational performance objectives
The Fly

Exela Technologies announces updates to 2023 operational performance objectives

Exela Technologies announced updates to its 2023 operational performance improvement objectives. During the fourth quarter, the Company announced operational performance improvement targets by focusing on automation led efficiencies. The company has identified additional savings to help restore historically higher margins relative to recent financial reporting periods and plans to right-size the organization in the face of continuing tight job markets and higher employee costs. "Automation initiatives are leading to process improvements across operating functions which are beginning to provide cost savings. Additionally, we have continued to execute cost management measures throughout the organization and the team continues to expect revenue to stabilize. As we bring all these initiatives to fruition, we expect to improve operational efficiencies over time," said Shrikant Sortur, CFO of Exela Technologies. Exela expects savings in the range of $65M-$75M for 2023, including the initiatives announced in Q4 2022. The Company’s actions include headcount optimization, real estate reduction and increased cloud usage. The Company’s global workforce is expected to shrink; however, the Company will continue to maintain substantial flex capacity through its cloud-based WFA platforms to quickly ramp growth as needed.

Published first on TheFly

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