Xerox Corporation XRX recently declared that Jeff Jacobson will be the CEO of Xerox Corporation, following the completion of the company’s split into two publicly traded companies.
About Jeff Jacobson
Jacobson is currently the president of Xerox Technology and will continue in this capacity until the completion of the strategic split. He has been part of the company for the past four years and shares a deep relationship with customers and employees. Jacobson’s expertise has been put to use to drive productivity and bring about cost-efficient solutions.
Jacobson is the former president, CEO and chairman of Presstek. Previously, he was chief operating officer of Eastman Kodak Company's KODK $3.6 billion Graphic Communications Group. He was also the former CEO of Kodak Polychrome Graphics, for five years.
With such sound experience in the corporate field, Jacobson will be apt for the CEO position. His technical expertise will be extremely beneficial for the company.
Xerox’s Business Split
On Jan 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – a Document Technology company comprising its Document Technology and Document Outsourcing businesses and a BPO firm. The company expects to file its initial Form 10 registration statement with the Securities and Exchange Commission this July, while it is looking to completing the entire separation process by the end of the year.
Xerox is focused on its strategic transformation program, which aims to deliver $2.4 billion in cumulative savings over a span of three years, including savings from ongoing and incremental productivity initiatives.
Ursula Burns, the chairman and CEO of Xerox, will serve as the Chairman of the namesake company that retains the Document Technology business, whereas Ashok Vemuri will serve as the CEO of Conduent that retains the Business Process Outsourcing (BPO) unit. Combining the expertise of Vemuri, Burns and Jacobson, Xerox is likely to achieve considerable success.
Headquartered in Norwalk, CT, Xerox has its business spread worldwide. It is a global corporation that sells business services and document technology products to businesses and governments of all sizes.
Xerox carries a Zacks Rank #3 (Hold). A couple better-ranked stocks in the industry include ExamWorks Group, Inc. EXAM and InnerWorkings Inc. INWK. Both stocks hold a Zacks Rank #2 (Buy).
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