Xerox Holdings Corporation (NASDAQ: XRX) today announced a new
operating model and organizational structure to further the
company’s Reinvention.
“The evolution of Xerox’s Reinvention aligns our resources in
three key areas – improvement and stabilization of our core print
business, increased productivity and efficiency through the
formation of a new Global Business Services organization, and
disciplined execution in revenue diversification,” said Steven
Bandrowczak, Chief Executive Officer at Xerox. “The shift to a
business unit operating model is a continuation of our
client-focused, balanced execution priorities and is designed to
accelerate product and services, go-to-market, and corporate
functions’ operating efficiencies across all geographies we
serve.”
Three key Reinvention priorities and intended
outcomes:
- Core Print Business:
- Simplify our core products to align with the needs of economic
buyers of today’s hybrid workplace.
- Increase investment in a partner-enabled go-to-market model
that supports how clients prefer to procure their print
solutions.
- With partners, pursue strategic market share gains by
increasing reach, improving cost to serve, and enhancing
profitability.
- Global Business Services:
- Through simplification, drive enterprise-wide efficiency and
scalability with centrally coordinated internal processes
leveraging shared capabilities and platforms.
- Garner operating leverage and investment capacity for our
growth segments through lower transaction costs.
- Improve quality for all business units and functions while
focusing on continuous improvement of clients’ and employees’
experiences.
- IT and Digital Services:
- Create greater organizational focus on Xerox’s emerging Digital
Services and IT Services capabilities to accelerate revenue
diversification toward markets with higher growth and profitability
profiles.
- Implement a new multi-segment organizational focus to drive
internal alignment and incremental services penetration with
existing and prospective clients.
New organizational structure to support strategic
execution:
The company has redesigned and realigned its executive team to
support the new operating model. Effective immediately, John Bruno
will lead the enterprise alignment of Print, Digital Services, and
IT Services businesses. Louie Pastor returns to Xerox as Chief
Transformation & Administrative Officer, charged with
overseeing the Xerox Reinvention Office and the newly established
Global Business Services organization. Flor Colon, has been
appointed Chief Legal Officer and Corporate Secretary.
The new Xerox Executive Leadership Team includes:
- John Bruno – President & Chief Operating Officer
- Xavier Heiss – Chief Financial Officer
- Louie Pastor – Chief Transformation & Administrative
Officer
- Deena Piquion – Chief Growth & Disruption Officer
- Jacques-Edouard Gueden – Chief Channel & Partner
Officer
- Fred Beljaars – Chief Delivery & Supply Chain Officer
- Suzan Morno-Wade – Chief Human Resources Officer
- Flor Colon – Chief Legal Officer & Corporate Secretary
- Chris Fisher – Chief Strategy Officer
In addition, Joanne Collins Smee, Executive Vice President and
President, Americas and Tracey Koziol, Executive Vice President of
Global Offering Solutions and Chief Product Officer, have departed
the company effective Dec. 31, 2023.
“Congratulations to our new executive leadership team, and my
sincere thanks to Joanne and Tracey for their countless
contributions to our company and culture,” said Bandrowczak. “Our
new operating model is a significant step towards accomplishing the
goals we seek to achieve with our Reinvention."
By implementing this new operating model, the company will take
action this quarter, targeting a 15 percent workforce reduction.
Proposed reductions will be subject to formal consultation with
local works councils and employee representative bodies where
applicable. Xerox is committed to providing transition support for
affected employees.
About Xerox Holdings Corporation (NASDAQ: XRX)
For more than 100 years, Xerox has continually redefined the
workplace experience. Harnessing our leadership position in office
and production print technology, we’ve expanded into software and
services to sustainably power the hybrid workplace of today and
tomorrow. Today, Xerox is continuing its legacy of innovation to
deliver client-centric and digitally-driven technology solutions
and meet the needs of today’s global, distributed workforce. From
the office to industrial environments, our differentiated business
and technology offerings and financial services are essential
workplace technology solutions that drive success for our clients.
At Xerox, we make work, work. Learn more at www.xerox.com and
explore our commitment to diversity and inclusion.
Forward Looking Statements
This release and other written or oral statements made from time
to time by management contain “forward looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
The words “anticipate”, “believe”, “estimate”, “expect”, “intend”,
“will”, “should”, “targeting”, “projecting”, “driving” and similar
expressions, as they relate to us, our performance and/or our
technology, are intended to identify forward-looking statements.
These statements reflect management’s current beliefs, assumptions
and expectations and are subject to a number of factors that may
cause actual results to differ materially. Such factors include but
are not limited to: Global macroeconomic conditions, including
inflation, slower growth or recession, delays or disruptions in the
global supply chain, higher interest rates, and wars and other
conflicts, including the current conflict between Russia and
Ukraine; our ability to succeed in a competitive environment,
including by developing new products and service offerings and
preserving our existing three products and market share as well as
repositioning our business in the face of customer preference,
technological, and other change, such as evolving return-to-office
and hybrid working trends; failure of our customers, vendors, and
logistics partners to perform their contractual obligations to us;
our ability to attract, train, and retain key personnel; execution
risks around our Reinvention; the risk of breaches of our security
systems due to cyber, malware, or other intentional attacks that
could expose us to liability, litigation, regulatory action or
damage our reputation; our ability to obtain adequate pricing for
our products and services and to maintain and improve our cost
structure; changes in economic and political conditions, trade
protection measures, licensing requirements, and tax laws in the
United States and in the foreign countries in which we do business;
the risk that multi-year contracts with governmental entities could
be terminated prior to the end of the contract term and that civil
or criminal penalties and administrative sanctions could be imposed
on us if we fail to comply with the terms of such contracts and
applicable law; interest rates, cost of borrowing, and access to
credit markets; risks related to our indebtedness; the imposition
of new or incremental trade protection measures such as tariffs and
import or export restrictions; funding requirements associated with
our employee pension and retiree health benefit plans; changes in
foreign currency exchange rates; the risk that our operations and
products may not comply with applicable worldwide regulatory
requirements, particularly environmental regulations and directives
and anticorruption laws; the outcome of litigation and regulatory
proceedings to which we may be a party; laws, regulations,
international agreements and other initiatives to limit greenhouse
gas emissions or relating to climate change, as well as the
physical effects of climate change; and other factors as set forth
from time to time in the Company’s Securities and Exchange
Commission filings, including the Company’s Annual Report on Form
10-K for the year ended December 31, 2022. The Company intends
these forward-looking statements to speak only as of the date of
this release and does not undertake to update or revise them as
more information becomes available, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240103054356/en/
Media: Callie D. Ferrari, APR, Xerox, +1-203-615-3363,
callie.ferrari@xerox.com
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