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Benzinga
Benzinga
Business
Anusuya Lahiri

Xerox Names COO Steve Bandrowczak As Interim CEO After John Visentin Dies Due To Ongoing Illness

John Visentin Xerox XRX Nasdaq Supply chain
  • Xerox Holdings Corp (NASDAQ:XRX) CEO John Visentin abruptly passed away on June 29 due to complications from an ongoing illness.
  • Since joining Xerox in May 2018, John has been known for his "One Boat, One Team" call to action and mentality.
  • COO Steve Bandrowczak will serve as interim CEO. 
  • Xerox registered a first-quarter FY22 sales decline of 2.5% year-on-year to $1.67 billion, beating the consensus of $1.64 billion.
  • Equipment sales declined 17.6%.
  • Adjusted EPS loss of $(0.12) missed the analyst consensus of $0.13.
  • "Broad-based inflationary pressure and increased logistics costs from supply chain disruption resulted in an operating loss, but we expect to offset most of these cost increases over time with price actions, and additional Project Own It savings," Visentin had said.
  • Price Action: XRX shares are trading lower by 1.86% at $14.79 in premarket on the last check Thursday.
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