Xerox CEO who oversaw massive decline steps down – Business News
Xerox’s prime boss is stepping down after a brutal collapse that noticed the company’s stock crater more than 90% — capping a turbulent tenure marked by layoffs, dealmaking and deepening losses.
Steve Bandrowczak, who took home complete compensation of $14.3 million in 2024, give up as CEO on Monday, ending a run that started in August 2022 and coincided with one of the sharpest shareholder wipeouts within the company’s trendy historical past.
Xerox’s board of administrators tapped Louie Pastor to succeed Bandrowczak as CEO efficient instantly.
Steve Bandrowczak stepped down as Xerox CEO after a tenure that noticed the company’s stock plunge more than 90%. Xerox
“Over the past several years, we have taken important steps to strengthen the company, and I am proud of the resilience of our team,” Bandrowczak stated in a assertion.
“I appreciate the support of the Board and leadership team during my tenure and wish the company well in its next chapter.”
Shares of Xerox plunged from the mid-teens when he took over to roughly $1.27 on the time of his departure — a staggering decline that erased billions in market worth and left the once-iconic workplace tech giant trading like a penny stock.
Xerox stock fell by more than 9% on Monday afternoon following information of Bandrowczak’s departure.
The collapse got here regardless of an aggressive “reinvention” push that reshaped the business, slashed prices and leaned closely on acquisitions to spark growth.
Xerox named Louie Pastor as CEO, tasking him with steering the company by way of a high-debt turnaround. Xerox
The overhaul included a focused 15% workforce discount as half of a sweeping cost-cutting plan.
But these strikes did not offset declines in Xerox’s core print operations, raising questions concerning the effectiveness of the turnaround.
“Macro headwinds continue to persist, but we are cautiously optimistic that the business trends are starting to improve,” he stated on the company’s fourth-quarter 2025 earnings call.
The outcomes informed a harsher story.
Xerox reported full-year income of $7.02 billion in 2025, up on paper as a result of acquisitions — however down roughly 8% when stripping out these offers.
Profitability deteriorated sharply, with the company posting an adjusted loss per share of $0.60 for the 12 months.
Xerox shares have cratered from the mid-teens in 2022 to about $1.27, wiping out billions in market worth. Klochkov – stock.adobe.com
Cash era additionally weakened, with free money circulation plunging by more than $300 million year-over-year to simply $133 million.
Even within the fourth quarter, the place income jumped 26% as a result of acquisitions, underlying gross sales declined 9% on a comparable foundation — underscoring continued weak point within the core business.
The company’s steadiness sheet additionally deteriorated sharply, with debt swelling to roughly $4 billion — leaving Xerox extremely leveraged as losses mounted.
The Post has sought remark from Xerox.
