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Xerox CEO John Visentin unexpectedly died at age 59 following complications with an ongoing illness.
Ticker Security Last Change Change % XRX XEROX HOLDINGS CORP. 14.74 -0.33 -2.19%
"The Xerox family is profoundly saddened by this untimely event and extends its heartfelt condolences to John’s wife, his five daughters and his family," the company said in a statement. "John was a visionary leader who navigated the company through unprecedented times and challenges."
Xerox CEO John Vistenin has unexpectedly died at age 59 following complications with an ongoing illness. (Xerox)
Visentin was appointed as Xerox's chief executive in May 2018 after being nominated by Carl Icahn. Visentin had served as a consultant to Icahn in connection to a proxy campaign against Xerox.
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Prior to his role at Xerox, Visentin managed multibillion-dollar business units in the IT services industry at Hewlett-Packard Enterprises and IBM.
Ticker Security Last Change Change % HPE HEWLETT PACKARD ENTERPRISE CO. 13.28 -0.09 -0.64% IBM INTERNATIONAL BUSINESS MACHINES CORP. 141.47 +0.79 +0.56%
He also previously served as senior advisor to the chairman of Exela Technologies and an operating partner for private equity firm Advent International, where he provided advice, analysis and assistance with respect to operational and strategic business matters.
Ticker Security Last Change Change % XELA EXELA TECHNOLOGIES 0.12 -0.01 -5.61% APO APOLLO GLOBAL MANAGEMENT 48.75 -0.94 -1.89%
In addition, he served as an advisor to Apollo Global Management and contributed to their February 2015 acquisition of Presidio. Visentin was Presidio's board chairman from February 2015 to November 2017.
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Under Visentin's leadership, Xerox expanded its expertise and offerings to digital and IT services, financial services and disruptive technologies. Xerox also made a roughly $35.5 billion takeover offer for HP, which ultimately failed.
Ticker Security Last Change Change % HPQ HP INC. 33.13 -0.46 -1.35%
"John’s drive, energy and commitment to the business and its customers, partners and employees will be greatly missed," Xerox board chairman James Nelson said.
Visentin will be replaced by Xerox president and chief operations officer Steve Bandrowczak on an interim basis.
Statement from Steve Bandrowczak, Xerox Interim CEO
"We are all greatly saddened by this tragic news and are keeping his family at the forefront of our thoughts in this difficult time," Bandrowczak said. "John’s vision was clear, and the Xerox team will continue fulfilling it – not only to deliver on our commitments to our shareholders, customers and partners – but also to pursue John’s legacy."
As of the time of publication, shares of Xerox have fallen approximately 35% year to date.
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