Xerox Welcomes Six New Members to its Board of Directors

Rhea-AI Summary

Xerox Holdings (NASDAQ: XRX) has elected six new members to its Board of Directors during its Annual Meeting of Shareholders. This strategic move is aimed at supporting Xerox's transition into a services-led, software-enabled organization for sustainable, long-term growth. The newly appointed members include John Bruno, Tami Erwin, Priscilla Hung, Edward McLaughlin, John Roese, and Amy Schwetz. These seasoned executives bring a wealth of expertise in technology, product management, and operations.

The new Board, now comprising nine members, will work towards achieving Xerox's Reinvention objectives. Scott Letier, Chairman of the Board, and Steve Bandrowczak, Chief Executive Officer, emphasized that the new directors' diverse experiences are vital for driving innovation and positioning Xerox for future growth.

Positive

• Election of six new board members with extensive expertise in technology and operations.
• Focus on transitioning to a services-led, software-enabled organization.
• Reinforcement of long-term, sustainable growth objectives.
• Diversity of thought and experience among new board members.
• Inclusion of executives from prominent companies like Verizon, Guidewire Software, Mastercard, Dell Technologies, and Flowserve.

Negative

• No immediate financial or operational performance improvements announced.
• Potential risks and uncertainties in achieving long-term growth objectives.
• Absence of specific, quantifiable targets or timelines for the Reinvention goals.

NORWALK, Conn.--(BUSINESS WIRE)-- Xerox Holdings Corporation (NASDAQ: XRX) today announced the election of six new members to the Company’s Board of Directors at its Annual Meeting of Shareholders. The new members bring deep technology, product, and operations expertise to further Xerox’s Reinvention objective of becoming a services-led, software-enabled organization positioned for sustainable, long-term growth.

The newly elected Directors are as follows:

• John Bruno, President and Chief Operating Officer, Xerox
• Tami Erwin, former Executive Vice President and Group CEO, Verizon Business Group
• Priscilla Hung, former President & Chief Operating Officer, Guidewire Software
• Edward McLaughlin, President & Chief Technology Officer, Mastercard
• John Roese, Global Chief Technology Officer, Dell Technologies
• Amy Schwetz, Senior Vice President and Chief Financial Officer, Flowserve

“We are pleased to welcome our new board members to Xerox, and we expect that their unique expertise and seasoned leadership abilities will be extremely valuable as we steer the company toward markets and opportunities with higher rates of growth,” said Scott Letier, Chairman of the Board at Xerox. “We appreciate this distinguished group of accomplished executives who have dedicated themselves to join us on our mission to ensure Xerox remains at the forefront of industry innovation and advancement into the future."

These additions bring Xerox’s Board of Directors to nine members, with incumbent directors Steve Bandrowczak, Nichelle Maynard-Elliott, and Scott Letier continuing their positions.

“The new members of Xerox’s Board of Directors share a diversity of thought and experience crucial to the next phase of our growth,” said Steve Bandrowczak, chief executive officer at Xerox. “We are taking bold steps to bring innovative and software-enabled business solutions to our clients and stakeholders, and this Board is well-suited to help us achieve our Reinvention goals and guide our company to long-term, sustainable growth.”

For more information on Xerox’s Board of Directors, visit https://www.xerox.com/en-us/about/executive-leadership.

Forward Looking Statements

This release and other written or oral statements made from time to time by management contain “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should”, “targeting”, “projecting”, “driving” and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: Global macroeconomic conditions, including inflation, slower growth or recession, delays or disruptions in the global supply chain, higher interest rates, and wars and other conflicts, including the current conflict between Russia and Ukraine; our ability to succeed in a competitive environment, including by developing new products and service offerings and preserving our existing products and market share as well as repositioning our business in the face of customer preference, technological, and other change, such as evolving return-to-office and hybrid working trends; failure of our customers, vendors, and logistics partners to perform their contractual obligations to us; our ability to attract, train, and retain key personnel; execution risks around our Reinvention; the risk of breaches of our security systems due to cyber, malware, or other intentional attacks that could expose us to liability, litigation, regulatory action or damage our reputation; our ability to obtain adequate pricing for our products and services and to maintain and improve our cost structure; changes in economic and political conditions, trade protection measures, licensing requirements, and tax laws in the United States and in the foreign countries in which we do business; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; interest rates, cost of borrowing, and access to credit markets; risks related to our indebtedness; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; funding requirements associated with our employee pension and retiree health benefit plans; changes in foreign currency exchange rates; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anticorruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; laws, regulations, international agreements and other initiatives to limit greenhouse gas emissions or relating to climate change, as well as the physical effects of climate change; and other factors as set forth from time to time in the Company’s Securities and Exchange Commission filings, including the Company’s most recent Annual Report on Form 10-K. The Company intends these forward-looking statements to speak only as of the date of this release and does not undertake to update or revise them as more information becomes available, except as required by law.

About Xerox Holdings Corporation (NASDAQ: XRX)

For more than 100 years, Xerox has continually redefined the workplace experience. Harnessing our leadership position in office and production print technology, we’ve expanded into software and services to sustainably power the hybrid workplace of today and tomorrow. Today, Xerox is continuing its legacy of innovation to deliver client-centric and digitally-driven technology solutions and meet the needs of today’s global, distributed workforce. From the office to industrial environments, our differentiated business and technology offerings and financial services are essential workplace technology solutions that drive success for our clients. At Xerox, we make work, work. Learn more at www.xerox.com and explore our commitment to diversity and inclusion.

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Xerox^® is a trademark of Xerox in the United States and/or other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521423029/en/

Media Contact:

Justin Capella, Xerox, +1-203-258-6535, Justin.Capella@xerox.com

Source: Xerox Holdings Corporation

FAQ

What was the recent announcement made by Xerox?

Xerox announced the election of six new members to its Board of Directors to support its Reinvention objective.

When did Xerox elect new board members?

Xerox elected six new board members at its Annual Meeting of Shareholders.

Who are the new members of Xerox's Board of Directors?

The new members are John Bruno, Tami Erwin, Priscilla Hung, Edward McLaughlin, John Roese, and Amy Schwetz.

What is the stock symbol for Xerox?

The stock symbol for Xerox is XRX.

What is Xerox's Reinvention objective?

Xerox aims to become a services-led, software-enabled organization positioned for sustainable, long-term growth.

How many members does Xerox's Board of Directors have now?

With the addition of the new members, Xerox's Board of Directors now has nine members.

What expertise do the new board members bring to Xerox?

The new members bring deep expertise in technology, product management, and operations.

What companies did the new Xerox board members previously work for?

The new board members have experience from companies like Verizon, Guidewire Software, Mastercard, Dell Technologies, and Flowserve.

What is the main goal for Xerox's new board members?

The main goal is to help Xerox achieve its Reinvention objectives and guide the company towards long-term sustainable growth.