John Visentin was a tech govt who assumed the function of CEO at Xerox four-years in the past.
John Visentin was a tech govt who assumed the function of CEO at Xerox four-years in the past. The corporate introduced that Visentin died unexpectedly Tuesday "due issues from an ongoing illness". He was 59 years outdated.
Xerox didn't disclose the situation or reason for Visentin's loss of life. Steve Bandrowczak, President of Xerox, has been appointed interim CEO.
Bandrowczak acknowledged in a press release that John's imaginative and prescient was clear and that the Xerox staff will proceed to meet it.
James Nelson, Xerox’s board chair, acknowledged in a press release, that Visentin helped transfer the corporate ahead by preserving Xerox’s printing enterprise viable whereas providing new digital-focused companies to purchasers.
Visentin was beforehand a supervisor at IBM and Hewlett Packard earlier than becoming a member of Xerox. Based on his LinkedIn web page, he was additionally the previous CEO at Exela Applied sciences, an IT consulting agency. Visentin is survived by his spouse and 5 youngsters.
Bandrowczak acknowledged that "we're all deeply saddened by the tragic information" and can hold his household in our ideas throughout this troublesome time.
Visentin's firm was a producer of copy and print machines for a big a part of its existence.
Xerox was a pioneer in photocopying and laser printing, starting within the Nineteen Seventies. In 2009, Xerox named Ursula Burns CEO. This was the primary time that a Black lady has been the chief of a Fortune 500 firm in the USA. In 2016, Burns was resigned and Jeff Jacobson took over the corporate till Visentin took his place.
Xerox was established in Rochester, New York in 1906. Though the corporate's headquarters at the moment are in Connecticut, a whole lot of workers stay in upstate New York.
Officers at Xerox acknowledged within the assertion that Visentin had led them by means of "unprecedented challenges and instances." Revenues dropped from $9.8billion in 2018 to $7billion final yr. Based on firm paperwork, the worker headcount dropped from 32,400 to 23,300 globally throughout this identical interval.
Probably the most important chapter in Visentin's tenure occurred in 2020 when Xerox tried to accumulate rival HP. Reuters reported that Xerox provided $35 billion to buy HP, however HP refused. Each corporations have been experiencing declining gross sales on the time and have been on the lookout for new progress alternatives.
Based on Reuters, Carl Icahn, a billionaire activist investor, was considered one of Xerox’s key stakeholders. Nevertheless, the corporate finally determined to not pursue HP in 2020.
Xerox inventory costs fell by about 2% throughout late morning buying and selling on Thursday, to $14.75 per share.
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