Originally posted on June 30, 2022 @ 5:59 am
Xerox CEO John Visentin, who overcame a turbulent pandemic when demand for printed documents and inks declined and headed a photocopy and technology company, died on Tuesday. He was 59 years old.
Visentin, who became CEO and vice chairman in May 2018, died of “complications from an ongoing illness.” statement.. A Xerox spokesman did not share details about the illness or say whether Mr. Vicentin had told the company about it.
Steve Bandrowsack, Xerox’s president and chief operating officer, will serve as interim CEO, the company said.
“John’s vision is clear, and the Xerox team will not only realize its commitment to shareholders, customers and partners, but will continue to do so in pursuit of John’s legacy,” said Bandrosack. Stated in a statement.
Prior to taking the top spot at Xerox, Visentin was immersed in the world of technology and business. He was an advisor to the chairman of the automation company Exela Technologies and an operating partner of the private equity company Advent International. ..
After joining Xerox, Vicentin sought to expand the company’s offerings. For years, Xerox has been known as the hub of office technology, especially Xerox copiers, or Xerox machines, which are ubiquitous and bulky products that have commercialized the process of making copies of photographs on paper.
In a statement, Xerox Chairman of the Board, James Nelson, said Vicentin paid more attention to “digital and IT services, financial services, and disruptive technology.”
Under the direction of Mr. Vicentin, the company also tried to expand into 3D printing.
Prior to being elected CEO in 2018, Xerox canceled the merger agreement with Fujifilm in Japan after reaching an agreement between shareholder activist and another major investor.
In November 2019, Xerox made a takeover offer to HP, which is synonymous with printers, and sought to integrate the two companies to reduce costs.
The merger was supported by Visentin, who appears to believe that the industry needs some integration to appease shareholders concerned about the accelerating decline of the traditional printing business.
Transactions deteriorated after HP discovered that cash and stock offers from Xerox undervalued the company. Later that month, it officially declined the takeover offer, damaging Mr. Vicentin’s business plans.
Visentin, a graduate of Concordia University in Montreal, said he started his career at IBM. LinkedIn profile. He worked there for over 20 years before moving to HP. From 2013 to 2017, he was Chief Executive Officer of Novitex Enterprise Solutions. The company’s background states..
In that statement, Xerox described Visentin as a leader who “navigated the company over unprecedented times and challenges.”
He is survived by his wife and five daughters.
Jesus Jimenez Report that contributed.