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Jim Cramer Explains How HP's New CEO Will Change the Company

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HP announced the job cuts Thursday at an analysts' meeting led by incoming CEO Enrique Lores, who was head of the division that includes the profitable business of selling ink for HP printers.

The company plans to cut up to 16% of its workforce, meaning that up to 9,000 employees could lose their jobs. 

"We are taking bold and decisive actions as we embark on our next chapter," said Lores. "We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work."

"We will become an even more customer-focused and digitally-enabled company, that will lead with innovation and execute with purpose," added Lores.

Lores is replacing outgoing CEO Dion Weisler, who stepped down from HP in August citing a family health issue, on Nov. 1.

Watch the full video for Jim Cramer's thoughts on the layoffs and the transition. 

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