Hewlett Packard* Reducing and Restructuring Incoming Hewlett Packard Inc. Chief Executive Enrique Lores is moving quickly to imprint changes on the computer hardware maker with plans to shrink the company's ranks by as much as 16% in a restructuring plan that also aims to revive lagging printer sales. HP said it could eliminate 7,000 to 9,000 jobs from its roughly 55,000 workforce over the next three years. The cuts, once completed, should yield annual savings of about $1 billion, the company said at its annual securities-analyst meeting. HP is nearing the end of a three-year-old layoff plan that could eliminate up to 5,000 jobs. HP has been under pressure in recent quarters from a decline in the printing-supplies business that was once its biggest moneymaker. To help reinject growth, it plans to offer new ways to sell its products. Before the printer business encountered difficulties, HP had enjoyed stronger-than-expected growth since Hewlett-Packard Co. in 2015 split the company that Bill Hewlett and Dave Packard started in their Palo Alto, Calif., garage in 1939. The other business, Hewlett Packard Enterprise Co., focuses on selling computer servers, data storage gear and other services for corporate-technology departments and was widely seen as the company with more promising growth prospects. HP historically sold printers at a discount and then made money on ink cartridges, not unlike companies that sell razors at a discount and make their profit on the blades. That model made sense when the goal was to penetrate more consumer homes and more offices," said Mr. Lores, who is slated to take over as CEO on Nov. 1. But users' habits have been changing and sales slipping. Customers have migrated to buying their ink cartridges from other, cheaper vendors and have become more judicious in what documents they choose to print, hurting HP's business. The company must now decide what new products and services to offer in this continually evolving industry