Xerox Announces Organization Changes to Support Plans for New Businesses

Rhea-AI Summary

Xerox Holdings Corporation (NYSE: XRX) announced significant organizational changes to establish three new business sectors: Software, Financing, and Innovation. This initiative aims to drive long-term growth starting in 2021. The new structure will enhance focus and flexibility, positioning Xerox for future opportunities. Key appointments include Nicole Torraco as VP of Xerox Financial Services, Sam Waicberg leading the Software segment, and Naresh Shanker at the helm of the PARC Innovation business. The restructuring reflects Xerox's intent to broaden its offerings and better serve clients.

Positive

• Creation of three new business sectors—Software, Financing, and Innovation—aimed at long-term growth.
• Nicole Torraco appointed as VP of Xerox Financial Services to expand customer base and cross-sell.
• Sam Waicberg leading the Software business, enhancing digital service capabilities through acquisitions.
• PARC Innovation business to commercialize disruptive technologies, boosting potential revenue streams.
• Establishment of a $250 million corporate venture capital fund for M&A opportunities.

Negative

• None.

Xerox Holdings Corporation (NYSE: XRX), a global workplace technology company, announced organizational changes to support plans to create three new businesses – Software, Financing and Innovation – aimed at delivering long-term growth in 2021 and beyond.

Nicole Torraco Senior Vice President, Xerox Financial Services (XFS) (Photo: Business Wire)

“We are focused on increasing the breadth of our offerings to better reach new and existing clients and drive organic growth,” said Xerox Vice Chairman and CEO John Visentin. “Our plan to stand up three separate businesses by 2022 will provide greater focus, flexibility, and visibility as we position Xerox for the future.”

Nicole Torraco has been promoted to senior vice president, Xerox Financial Services (XFS), to lead Xerox’s financing business, reporting directly to Visentin. XFS will become a global payment solutions business, aimed at expanding its customer base, creating potential cross-selling opportunities, and helping to support small and medium-sized businesses. Torraco previously served as chief strategy and M&A officer.

Sam Waicberg will lead the Software business as vice president and general manager of Digital Services, reporting to President and Chief Operations Officer Steve Bandrowczak. Sam joined Xerox with the recent acquisition of CareAR, an augmented reality support platform company, where he was co-founder and CEO. The new Software business includes CareAR as well as DocuShare^®, a cloud-based content management system; XMPie, a multi-channel marketing software company; and FreeFlow^®, automation software for production print. The business will bring together Xerox’s expanding capabilities to better support clients’ digital needs.

Naresh Shanker, senior vice president and chief technology officer, will lead the PARC Innovation business. Xerox has made progress advancing new technology in recent years with products including 3D liquid metal and industrial IoT products, cleantech technology, signing clients and generating strong commercial interest. PARC will include the scientists and engineers located in Palo Alto, Calif.; Webster, N.Y.; Cary, N.C., and Toronto to create an innovation business that drives the commercialization of Xerox’s developing disruptive technology.

Executive Vice President Louie Pastor has been appointed chief corporate development officer and chief legal officer. In addition to overseeing Xerox’s legal organization, Pastor will lead a new Corporate Development group responsible for sourcing, evaluating, and executing M&A opportunities and venture investments, including the company’s recently announced $250 million corporate venture capital fund.

About Xerox

Xerox Holdings Corporation makes every day work better. We are a workplace technology company building and integrating software and hardware for enterprises large and small. As customers seek to manage information across digital and physical platforms, Xerox delivers a seamless, secure and sustainable experience. Whether inventing the copier, the Ethernet, the laser printer or more, Xerox has long defined the modern work experience. Learn how that innovation continues at xerox.com.

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Xerox^®, DocuShare^® and FreeFlow^® are trademarks of Xerox in the United States and/or other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210201005703/en/

FAQ

What are the new business sectors introduced by Xerox (XRX) in 2021?

Xerox announced the formation of three new business sectors: Software, Financing, and Innovation.

Who is leading Xerox Financial Services (XRX) after the recent changes?

Nicole Torraco has been promoted to senior vice president and will lead Xerox Financial Services.

What is the focus of Xerox's new Software business?

The Software business will include platforms like CareAR, DocuShare, XMPie, and FreeFlow to enhance digital services.

How much is Xerox's corporate venture capital fund?

Xerox announced a $250 million corporate venture capital fund to support M&A opportunities.

What is the purpose of establishing the PARC Innovation business at Xerox (XRX)?

The PARC Innovation business aims to drive commercialization of disruptive technologies and increase market interest.