The Middletown Press (Middletown, CT)
Xerox CEO dies unexpectedly
NORWALK — Xerox Holdings Corp. Chief Executive Officer John Visentin, who led efforts to broaden the company's business focus over the last four years, died unexpectedly Wednesday while battling an ongoing illness, according to company officials.
“The Xerox family is profoundly saddened by this untimely event and extends its heartfelt condolences to John's wife, his five daughters and his family,” Xerox officials said in a statement released Thursday. The company has offices at Merritt 7 in Norwalk.
Steve Bandrowczak, Xerox's president and chief operations officer since 2018, will serve as interim chief executive.
Visentin, who was also the company's vice chairman, took over as chief executive officer in May 2018. He replaced Jeff Jacobson, who resigned after a lawsuit led to a shareholder revolt against a board decision to accept a $6 billion buyout by Fujifilm Holdings.
During a threemonth period in the spring of 2018, Visentin served as a consultant to Icahn Capital in connection with with the proxy battle over the buyout offer.
Fujifilm ended its pursuit of Xerox after a court battle and Jacobson voluntarily left the company as part of a settlement associated with the case.
Visentin, 59, a Greenwich resident, was hailed as a “visionary leader” who navigated the company through “unprecedented times and challenges” since joining Xerox in 2018, the company said. His career included stints at HewlettPackard and IBM.
“His strategy ensured Xerox's leadership position in office and production print technology and expanded the company into helping solve secular challenges with innovative solutions,” the company statement said.
He was known for his “One Boat, One Team” leadership and passionate about his workforce, the company said.
“Since joining Xerox in 2018, John drove Xerox forward,” said James Nelson, chairman of Xerox's Board of Directors. “As a champion for innovation, he embraced and enhanced Xerox's legacy as a print services provider and embarked on a transformative journey that broadened the company's expertise and offerings to digital and IT services, financial services and disruptive technologies. John's drive, energy and commitment to the business and its customers, partners and employees will be greatly missed.”
Before taking over at Xerox, Visentin was a senior adviser to the chairman of Exela Technologies and an operating partner for Advent International. From October 2013 through July 2017, Visentin served as the executive chairman and chief executive officer of Novitex Enterprise Solutions in Stamford, which took over a business document services division of Pitney Bowes.
Xerox, which is more than 100 years old, revolutionized copying and other print products and later extended is expertise into digital technology and other services.
But by the end of 2019, as Xerox was facing a business slowdown because as companies transitioned from printing out documents to online storage, Visentin sought a $35 billion acquisition of printing equipment rival Hewlett Packard. That acquisition bid ultimately failed in March 2020 amid coronavirus concerns.