Ricoh to Cut 2000 Jobs Globally

Ricoh to Cut 2,000 Jobs Globally

Ricoh Company, Ltd. has announced the implementation of a voluntary retirement program named “Second Career Support Program,” as part of its ongoing efforts to optimize workforce structure and enhance corporate value. This program, aimed at employees in Japan, is a key part of Ricoh’s Corporate Value Improvement Project, which has been in place since April 2023.

The program is expected to affect approximately 1,000 employees within its domestic group companies in Japan and reduce around 2,000 global employees. The retirement program will be commence from October 1, 2024 and end on February 28, 2025, with final retirement dates planned for March 31, 2025.

Ricoh’s decision to introduce this program comes in response to the challenges it faces in transforming into a digital services company. The company has identified improving profitability as its primary goal and is actively reconfiguring its business operations to align with this new model. This restructuring includes optimizing headcounts and reallocating resources globally.

The company expects to incur a one-time cost of approximately JP￥16 billion (US$ 113.9 million) in fiscal 2024 due to early retirement benefits. However, this is anticipated to result in cost savings of JP￥9 billion (US$ 64 million) in fiscal 2025. Overall, Ricoh’s total one-time restructuring costs for fiscal 2024 are projected to reach JP￥26 billion (US$ 185 million), including previously announced expenses.

Ricoh will continue to evaluate the impact of these measures on its business and will provide updates in future financial announcements.

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