ROCHESTER, N.Y. — Xerox has a new CEO. The company announced on its website on Monday that CEO Steve Bandrowczak has stepped down, and the board has appointed Louie Pastor as his successor, effective immediately.
Previously, Pastor served as the president and chief operating officer of the Rochester staple. The company says he played a “central role” in advancing the company’s strategy and driving operational performance. Xerox says it “remains on track to deliver on its financial and operational targets” for this year.
The announcement comes months after Xerox revealed plans to reduce its workforce, as part of its merger with the company Lexmark. Xerox acquired Lexmark, a Kentucky-based imaging and laser printing company, in July at a $1.5 billion valuation.
What’s Xerox’s former CEO saying?
Bandrowczak released a statement, saying it’s been a privilege to lead Xerox during a period of significant change:
“Over the past several years, we have taken important steps to strengthen the company, and I am proud of the resilience of our team. I appreciate the support of the Board and leadership team during my tenure and wish the company well in its next chapter. I’m confident Louie will lead the company with the focus and execution discipline this moment requires.”
What’s Xerox’s new CEO saying?
Pastor also released a statement, saying he’s honored to lead Xerox into its next chapter:
“Steve’s leadership has been instrumental in strengthening the company’s foundation and positioning Xerox for long‑term success. We have a strong team and a clear focus on execution. I look forward to driving results and delivering on our priorities.”
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