New Xerox CEO Visentin Explains Strategic Alternatives

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Xerox CEO John Visentin

Last week, John Visentin, who was appointed CEO of Xerox, replacing former CEO Jeff Jacobson, penned a letter to Xerox employees. In the letter, Visentin says that Xerox will continue to operate as a standalone company, but that the new Xerox of directors (see here) will review various strategic alternatives, which may include discussions with private-equity firms, a potential auction, renewed discussions with Fujifilm, or continuing as a standalone company.

In the letter, Visentin writes:

“As you have heard, the Board of Directors decided to terminate the proposed transaction to combine Xerox with Fuji Xerox. I firmly believe that this decision opens up a new world of opportunities for the company, and I’m looking forward to working with each of you to ensure we capitalize on them to drive our future success.

“There have been a number of recent headlines about ‘selling’ the company. I believe that transparent communications are important to build trust, so let me share my perspective. Xerox will continue – as it has for 112 years – as a standalone company while our new Board reviews strategic alternatives. The alternatives may include discussions with possible strategic buyers or private equity firms, a potential auction, renewed discussions with Fujifilm about a new transaction, or continuing as a standalone. What the Board will want to ensure is that in any of these scenarios, the company is valued at its true worth.”

Visentin assures employees that Xerox will continue “to run the business well” and support its thousands of customers. He concludes by noting: “In the coming months, we will work together across all business units and geographies to forge a clear path to take Xerox forward. I am eager to hear from all of you regarding what we are doing well and where we can become stronger.”

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