John Vicentin, CEO of Xerox, died at 59

John Vicentin, CEO of Xerox, died at 59
Written by boustamohamed31

John Vicentin, CEO of Xerox, who led the photocopying and technology company through the tumultuous pandemic at a time when demand for printed documents and ink declined, died Tuesday. He was 59.

Mr. Vicentin, who became chief executive in May 2018 and was also deputy chairman, has died of “complications from a continuing illness,” the company said in a statement. statement. An Xerox spokesman did not share details about the disease, nor did he say whether Mr. Vicentin told the company about it.

Steve Bandrouczak, president and chief operating officer at Xerox, will serve as interim chief executive, the company said.

“John’s vision was clear and the Xerox team will continue to do so – not only fulfilling our commitments to our shareholders, customers and partners, but also pursuing John’s legacy,” Bandrouczak said in a statement.

Before taking the lead in Xerox, Mr. Vicentin was immersed in the world of technology and business: he worked as an advisor to the chairman of Exela Technologies, an automation company, and was an operating partner of Advent International, a private investment company.

After joining Xerox, Mr. Vicentin seeks to expand the company’s offerings. For years, Xerox has been known as an office technology hub, especially its photocopier or Xerox machine, a ubiquitous, bulky product that commercializes the process of making photocopies on paper.

Mr. Visentin paid more attention to “digital and IT services, financial services and destructive technologies,” said James Nelson, chairman of Xerox’s board of directors.

Under Mr. Vicentin’s helmet, the company also tried to break into 3-D printing.

His election as CEO in 2018 was preceded by Xerox cancels its merger with Fujifilm of Japan after reaching an agreement with a stockholder activist and another major investor who vehemently opposed the deal.

In November 2019, Xerox made an offer to take over HP, a business synonymous with printers, in an attempt to combine the two companies and reduce costs.

The merger was supported by Mr. Vicentin, who seems to believe that the industry needs some consolidation to attract shareholders concerned about the accelerating erosion of the traditional printing business.

The deal deteriorated after HP found that Xerox’s offer of money and shares underestimated the company. Later that month, he formally rejected the takeover offer, striking Mr. Vicentin’s business plans.

A graduate of Concordia University in Montreal, Mr. According to him, Vicentin began his career at IBM LinkedIn profile. He worked there for more than 20 years and then moved to HP. From 2013 to 2017, he was the CEO of Novitex Enterprise Solutions, his reads the biography of the company.

Xerox described Mr. Vicentin in his statement as a leader “who led the company through unprecedented times and challenges.”

He is survived by his wife and five daughters.

Jesus Jimenez contributed to the reporting.

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