HP's new CEO has unveiled the company's newest plan to revamp its operations — one that envisions cutting its workforce by as much as 16% over the next three years.

The personal computer and printer maker says it expects to drop 7,000 to 9,000 people from its global workforce of about 55,000 by 2020. It expects the moves to save it about $1 billion a year by the end of its 2022 fiscal year.

HP announced the job cuts Thursday at a meeting with Wall Street analysts headlined by incoming CEO Enrique Lores. He had been overseeing the HP division that includes its profitable business of selling ink for the company's printers before being named to the top job last month.

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The workforce reductions come as the Palo Alto, California, company wraps up a three-year restructuring plan that included the elimination of up to 5,000 jobs.

HP Inc. was created in 2015 when Hewlett Packard split is PC and printer operations from its businesses specializing in data-center hardware and business software. That part is now known as Hewlett Packard Enterprise.

HP Inc.'s stock is down 10% so far this year, while the benchmark Standard & Poor's 500 index is up 16%.