Xerox Board Names Ursula Burns Chairman of New Document Technology Company
As Xerox prepares to separate into two companies – a move it expects to complete by January 2017 – its board of directors has announced that current CEO and Chairman Ursula Burns will serve as chairman of the board of the Document Technology company following the completion of the separation of Xerox into two independent, publicly traded companies. Burns will continue in her current role as chairman and chief executive officer of Xerox until the separation.
In January 2016, Xerox announced it would separate into two stand-alone companies, a Document Technology company made up of its Document Technology (printers, MFPs, and their related supplies and software) and its Document Outsourcing businesses, and a separate Business Process Outsourcing (BPO) company.
Xerox is positioning the Document Technology company as “a global leader in document-management and document-outsourcing with $11 billion in 2015 revenue.”
“Ursula’s deep industry experience and relationships along with her proven leadership skills will be valuable assets for the Document Technology company and will help ensure a smooth transition to a new management team,” said Ann Reese, Xerox’s lead independent director. “The company will be well-positioned to leverage its global industry leadership, strategic focus and ability to innovate post-separation and we are very pleased that Ursula will continue to play a critical role in making that happen.”
“I am looking forward to my role as chairman of the Document Technology company and to continuing my deep personal and professional commitment to its success,” Burns said. “I remain focused, however, on ensuring Xerox and the post-separation companies are positioned to build on our strong heritage and capture new opportunities we have identified to create value for employees, customers and shareholders.
“Our search for leadership is well underway and we have an extremely strong pool of talent across our organization as well as external candidates to build our management teams,” Burns added. “We have made significant progress toward creating two strong companies and I am confident that our decision to separate will position both businesses for continued success.
”The Document Technology company will lead the market with superior technology, solutions and innovations that optimize document-management in an increasingly interconnected, digital world. Its strong profitability and free cash-flow generation will enable significant capital returns and provide for selective investments in attractive growth areas.
“The BPO company will be an industry leader that helps businesses and governments manage large-scale, transaction-intensive processes with their patients, commuters, travelers, citizens, and employees. With approximately $7 billion in 2015 revenue – more than 90 percent of which is annuity based – the company is focused on attractive growth markets including transportation, healthcare, commercial, and government services.”
- May 2016: Xerox Rolls Out Secure Print Manager Suite 2.0, MFP App Customization Service, Plus New Workflow-Automation Solutions
- May 2016: This Week in Imaging: Catching up with Xerox; Merger ‘Not Easy’ for Staples
- April 2016: Profits, Earnings Down for Xerox’s First Quarter
- March 2016: New Xerox i-Series MFPs Feature Latest ConnectKey 3.0 Apps for Document-Processing, WorkFlow, Supply-Ordering, More
- March 2016: Xerox Obtains $1 Billion Loan from Seven Banks
- March 2016: Xerox Launches its First Cut-Sheet Inkjet Press, the Brenva HD, Plus New Continuous-Feed Inkjet Printer Platform
- February 2016: Difficult Fourth Quarter for Xerox, But Surge in Entry-Level Color A4 MFP Sales
- January 2016: Xerox to Split into Two Companies, One Devoted to Printers, Copiers, Other to Business-Process Outsourcing