CEO of Xerox John Visentin passes away suddenly at age 59.
John Visentin, the CEO of Xerox, passed away unexpectedly at age 59 as a result of complications from an existing illness.
The firm released a statement saying, “The Xerox family is extremely saddened by this unexpected incident and expresses its heartfelt sympathies to John’s wife, his five daughters, and his family. “John was a visionary leader who guided the business through uncharted waters and difficulties.”
After receiving Carl Icahn’s nomination, Visentin was named Xerox’s CEO in May 2018. Icahn had hired Visentin as a consultant in relation to a proxy war against Xerox.
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Visentin oversaw multibillion dollar business divisions in the IT services sector at Hewlett-Packard Enterprises prior to his position at Xerox.
In the past, he also held positions as an operating partner for the private equity company Advent International and senior consultant to the chairman of Exela Technologies, where he offered guidance, analysis, and support on tactical and strategic business issues.
He also assisted Apollo Global Management in their purchase of Presidio in February 2015 by acting as an advisor to them. From February 2015 through November 2017, Visentin presided over the Presidio board.
The skills and product offerings of Xerox were expanded under Visentin’s direction to include financial services, disruptive technologies, and digital and IT services. A roughly $35.5 billion buyout attempt by Xerox to acquire HP also fell through.
“John’s drive, energy, and dedication to the company, its clients, partners, and staff will be sorely missed,” Chairman of the Xerox board James Nelson Steve Bandrowczak, president and chief operating officer of Xerox, will take over for Visentin in a temporary capacity.
Xerox Interim CEO Steve Bandrowczak’s statement
- “This dreadful news has left us all deeply grieved, and we are keeping his family at the forefront of our minds at this trying time…
The Xerox team will continue carrying out John’s clear vision in order to achieve both his legacy and our obligations to our partners, shareholders, and consumers.
We are all deeply grieved by this dreadful news, and in this trying time, we are keeping his family at the forefront of our minds, Bandrowczak said. “The Xerox team will continue implementing John’s vision, which was crystal clear, in order to not only fulfill our obligations to our shareholders, clients, and business partners, as well as to uphold John’s legacy.
The price of Xerox shares as of the time of publication has decreased by almost 35% so far this year.
May he rest in peace.