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Xerox CEO John Visentin dies unexpectedly at 59


John Visentin, the tech govt who took the CEO job at Xerox 4 years in the past, died unexpectedly on Tuesday “attributable to problems from an ongoing sickness,” the corporate mentioned. He was 59. 

Xerox did not disclose the place Visentin died or what sickness prompted his demise. Xerox President Steve Bandrowczak has been named interim CEO. 

“John’s imaginative and prescient was clear, and the Xerox group will proceed fulfilling it,” Bandrowczak mentioned in a press release. 

James Nelson, Xerox’s board chair, mentioned in a press release that Visentin moved the corporate ahead by maintaining Xerox’s printing enterprise alive whereas additionally providing new digital and IT-focused companies to purchasers.

Visentin held administration positions at Hewlett Packard and IBM earlier than becoming a member of Xerox. He was additionally the previous CEO of IT consultancy Exela Applied sciences, based on his LinkedIn web page. Visentin leaves behind a spouse and 5 daughters.

“We’re all enormously saddened by this tragic information and are maintaining his household on the forefront of our ideas on this tough time,” Bandrowczak mentioned.

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John Visentin led Xerox as CEO from 2018 till his demise this week.

AP


A print pioneer

For a lot of its existence, the corporate that Visentin led has been generally known as a print and replica machine producer. 

Xerox was an early pioneer in laser printers and photocopying all through the Nineteen Seventies. Many years later, the corporate named Ursula Burns as CEO in 2009, marking the primary time in U.S. historical past {that a} Black girl led a Fortune 500 firm. Burns stepped down in 2016 and Jeff Jacobson ran the corporate for one 12 months till Visentin took his place.

Xerox was based in Rochester, New York, in 1906. The corporate is now headquartered in Connecticut however nonetheless employs a whole bunch of employees in upstate New York. 

Xerox officers mentioned within the assertion that Visentin led them via “unprecedented occasions and challenges.” The corporate noticed its income drop from $9.8 billion in 2018 to $7 billion final 12 months. Worker headcount fell from about 32,400 to 23,300 worldwide throughout that very same time interval, based on firm paperwork.

Maybe probably the most dramatic chapter of Visentin’s tenure happened in early 2020, when Xerox tried to accumulate competitor HP. Xerox supplied to purchase HP for $35 billion however HP resisted, Reuters reported. On the time, each corporations have been dealing with declining gross sales and have been looking for new methods to develop.   

Billionaire activist investor Carl Icahn — certainly one of Xerox’s main stakeholders — pushed for the HP takeover, however the firm finally walked away from pursuing HP in 2020, based on Reuters. 

Xerox’s inventory worth fell about 2% in late morning buying and selling Thursday to about $14.75 a share. 



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