John Visentin, the chief executive officer of Xerox, passed away on Tuesday. He guided the firm through a difficult epidemic at a time when there was a decrease in demand for printed papers and ink. Xerox was known for its photocopying and technological products. He was 59.
The business has announced that Xerox’s current president and chief operating officer, Steve Bandrowczak, will take over as the company’s temporary chief executive officer.
Mr. Visentin had a distinguished career in the fields of technology and business before becoming the CEO of Xerox. He served as an adviser to the chairman of Exela Technologies, an automation company, and worked as an operating partner for Advent International, a private equity firm, before becoming CEO of Xerox.
After starting at Xerox, Mr. Visentin made it his mission to expand the product lines of the corporation. For many years, Xerox was recognised as a leader in office technology, particularly for its xerographic copier, sometimes known as a Xerox machine. This ubiquitous and cumbersome equipment popularised the method of generating photographic copies onto paper and brought it into the commercial market.
According to a statement released by the chairman of Xerox’s board of directors, James Nelson, Mr. Visentin shifted more of his focus “to digital and I.T. services, financial services, and disruptive technologies.”
Additionally, when Mr. Visentin was at the head of the firm, attempts were made to expand the business into the realm of 3-D printing.
His appointment as Chief Executive Officer in 2018 was preceded by Xerox’s decision to cancel its merger proposal with Fujifilm of Japan. This decision was made after the company reached a settlement with a shareholder activist and another large investor who were strongly against the merger.
In the month of November 2019, Xerox made a bid to acquire HP, a company that is almost associated with printers, in an attempt to integrate the two businesses and reduce operating expenses.
Mr. Visentin, who seemed to feel that the industry required some type of consolidation in order to placate shareholders worried about the rapidly increasing decline of the conventional printing sector, backed the merger. Mr. Visentin’s backing for the merger was important.
The cash-and-stock offer from Xerox undervalued the firm, which caused HP to reconsider their participation in the transaction. The company rejected the buyout bid in a formal manner later that month, throwing a severe damage to Mr. Visentin’s business aspirations.
According to the information provided on his LinkedIn page, Mr. Visentin started his professional life with IBM after graduating from Concordia University in Montreal. After more than 20 years there, he made the transition to HP and continued his career there. According to the biography provided by his firm, he served as the chief executive officer of Novitex Enterprise Solutions from 2013 till 2017.
In a statement released after Mr. Visentin’s passing, Xerox referred to him as a leader “who steered the firm through extraordinary times and difficulties.”