Xerox boss John Visentin died at the age of 59 after experiencing complications from a private "ongoing illness."The company announcedon Wednesday.
A Xerox official said Visentin, the company's CEO and vice chairman, "died unexpectedly." Steve Bandrowczak of Xerox COO will be the interim CEO.
"We are all very sad about this tragic news and put his family at the forefront of our thinking during this difficult time," Bandrowczak said in a statement. Said. "John's vision was clear. The Xerox team will not only realize its commitment to shareholders, customers and partners, but will continue to do so in pursuit of John's legacy."
Visentin became CEO of Xerox in May 2018. His appointment as Chief Executive Officer and Vice President stems from an agreement between Xerox's board of directors and activist investor Carl Icahn, who opposed the plan to merge Japan-based Fujifilm. Icahn continues to be Xerox's largest shareholder.
Visentin led the company through a turbulent era when demand for printing services fell during the COVID-19 outbreak. James Nelson, Chairman of Xerox, said Visentin has led a new focus on "digital and IT services, financial services and disruptive technology" in recent years.
Under Visentin's leadership, Xerox is $ 35 billion { The company abandoned the course because the hostile takeover bidfor Hulett Packard embarked on 26}, but the pandemic weighed heavily on the business. Icahn held large shares in both companiesand was pushing ahead with the deal.
Prior to working at Xerox, Visentin worked as an advisor at Apollo Global Management and as an executive at HP and IBM, according to the LinkedIn page.
"The Xerox family is deeply saddened by this premature event and expresses their heartfelt condolences to John's wife, his five daughters, and his family," the company said in a statement. I am saying.
Xerox shares fell more than 2% early on Thursday when the stock market fell sharply. The company's stock has fallen by more than 35% so far this year.
The post contacted Xerox to comment further on Visentin's illness.
