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Xerox CEO John Visentin dies suddenly at age 59

Technical executive John Visentin, who became CEO at Xerox four years ago, died suddenly on Tuesday. He is an ongoing illness. " He was 59 years old. 

Xerox did not reveal where Bicentin died or what illness caused his death. Steve Bandrowczak, President of Xerox, has been appointed Interim CEO. 

"John's vision is clear and the Xerox team will continue to make it happen," Bandrosack said in a statement. 

In a statement by Xerox Chairman of the Board James Nelson, Visentin will continue the Xerox printing business with new digital and new digital and IT-focused service to clients.

Visentin held management positions at Hewlett Packard and IBM prior to joining Xerox. According to LinkedIn page, he was also the former CEO of IT consultancy Exela Technologies. Visentin leaves his wife and five daughters.

"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. rice field.

John Visentin led Xerox as CEO from 2018 until his death this week. AP

Printing pioneer

The company led by Visentin is known for many of its existence as a manufacturer of printing and copiers. increase. 

Xerox was an early pioneer in laser printers and copiers throughout the 1970s. Decades later, the company appointed Ursula Burns as CEO in 2009, the first black woman to lead a Fortune 500 company in US history. Burns resigned in 2016 and Jeff Jacobson ran the company for a year before Visentin took office.

Xerox was founded in 1906 in Rochester, New York. Currently headquartered in Connecticut, it employs hundreds of workers in northern New York. 

Xerox officials said in a statement that Visentin led them through "unprecedented times and challenges." The company's revenue fell from $ 9.8 billion in 2018 to $ 7 billion last year. According to company documents, the number of employees worldwide has dropped from about 32,400 to 23,300 over the same period.

Perhaps the most dramatic chapter of Visentin's tenure occurred in early 2020 when Xerox tried to acquire its competitor HP. Xerox offered to buy HP for $ 35 billion, but HP resisted, Reutersreported. At that time, both companies were facing a decline in sales and were looking for new ways to grow.   

Carl Icahn, a billionaire activist investor who is one of Xerox's key stakeholders, pushed for the acquisition of HP, butReuters

Xerox's share price fell about 2% on Thursday midnight trading to about $ 14.75 per share. 

Christopher J. Brooks

Christopher J .Brooks is a CBS MoneyWatch reporter covering business, consumer and financial stories, from economic inequality and housing issues to bankruptcy and sports businesses.

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