Xerox’s new chief executive has pledged to “transform” the business in order to better serve customers and stakeholders, and has also stated that the group is not being actively offered for sale.
John Visentin, who became chief executive as part of the large-scale board changes at the business in May, made the statement as the group announced its second-quarter results.
He outlined his imperatives to drive sales, optimise and simplify Xerox’s operations, and re-energise innovation at the business.
The board has also authorised a $1bn share buy-back programme and will repurchase up to $500m of shares this year. The firm said it planned to return at least 50% of its free cashflow to shareholders through dividends and share repurchases, “on an annual basis”.
“It’s clear after two months as CEO of this iconic brand that we can return Xerox to the forefront as a leading tech company,” Visentin stated.
 “We currently have software, services and printing technologies, along with a pipeline of innovations, which can disrupt the marketplace and bring increased value to those we serve.”
However, while Visentin pointed to the benefits Xerox gained from having a business model underpinned by annuity revenues, he also highlighted the challenges faced by the company.