June 24, 2016
Jeff Jacobson will be CEO of the document technology company, Xerox, after the OEM’s split later this year.
The OEM’s forthcoming split into two companies was revealed in January, while current CEO Ursula Burns will not remain as CEO after it splits. The OEM plans to split into two separate businesses, one focused on services and the other focused on hardware in a strategy similar to the recent split of HP into Hewlett Packard Enterprise and HP Inc.
The two business, recently named as Xerox Corporation for the document technology company and Conduent for the business process outsourcing company, would be worth $11 billion (€10.1 billion) and $7 billion (€6.4 billion) respectively. Xerox expects the separation to “be complete by the end of 2016”, and for it to “maximise return to shareholders and align with current market dynamics”.
Ashok Vemuri was recently named as CEO of Conduent after the split, and Jacobson has been appointed CEO of the new Xerox Corporation, having currently held the position of President at Xerox Technology, which he will continue in “until the separation is complete”. Jacobson joined Xerox in 2012 as President of Global Graphic Communications Operations, and became President of the Xerox Technology business in 2014.
Outgoing Xerox CEO Ursula Burns commented: “Jeff is a great leader with a passion for our business and employees, deep customer relationships and a clear strategic vision to capitalise on the opportunities ahead. During his four years at Xerox, Jeff has driven significant productivity and cost efficiency efforts while maintaining our commitment to innovation, quality and leading technology. With his previous public-company CEO experience and his track record and achievements at Xerox, the Board and I are confident he is the best person to lead Xerox forward.”
Jacobson added: “I am honoured by the board’s decision to appoint me to lead one of the world’s most iconic companies and confident that we will build a bright future for Xerox on the foundation of disciplined management, operational excellence and customer focus that is in place today. As an independent company and with the benefit of the strategic transformation we are aggressively implementing, we will capture the many opportunities available to us to strengthen core businesses and pursue select growth opportunities.”
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