New York CNN Business  — 

HP Inc. plans to reduce its global staff by thousands of employees over the next three years.

HP said Thursday that it intends to cut between 7,000 and 9,000 workers “through a combination of employee exits and voluntary early retirement.” It expects to complete the culling in the company’s 2022 fiscal year.

An HP spokesperson said the company currently has 55,000 employees globally. The staff reduction could account for as much as 16% of its workforce.

The company said it estimates the restructuring will cost the company about $1 billion total.

The move comes during a period of flux for HP. In August its president and CEO, Dion Weisler, announced he plans to step down in 2020.

Enrique Lores, HP’s incoming president and CEO, said Thursday that HP is “taking bold and decisive actions as we embark on our next chapter.”

“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,” he said.

The company announced in 2018 it was expecting 4,500 to 5,000 employees to exit the company by the end of fiscal year 2019. It took a pretax charge of $700 million.

Bridget O’Brian contributed to this report