MAY 20, 2016 — NORWALK, Conn. — The Board of Directors of Xerox announced today that Ursula Burns will serve as chairman of the board of the Document Technology company following the completion of the separation of Xerox into two independent, publicly-traded companies. Burns will continue in her current role as chairman and chief executive officer of Xerox until the separation.
In January, Xerox announced it would separate into two stand alone, market-leading companies – a Document Technology company comprised of its Document Technology and Document Outsourcing businesses and a Business Process Outsourcing (BPO) company. The separation is on track to be completed by the end of 2016. The Document Technology company will be a global leader in document management and document outsourcing with $11 billion in 2015 revenue.
“Ursula’s deep industry experience and relationships along with her proven leadership skills will be valuable assets for the Document Technology company and will help ensure a smooth transition to a new management team,” said Ann Reese, Xerox’s lead independent director. “The company will be well positioned to leverage its global industry leadership, strategic focus and ability to innovate post-separation and we are very pleased that Ursula will continue to play a critical role in making that happen.”
“I am looking forward to my role as chairman of the Document Technology company and to continuing my deep personal and professional commitment to its success,” Burns said. “I remain focused, however, on ensuring Xerox and the post-separation companies are positioned to build on our strong heritage and capture new opportunities we have identified to create value for employees, customers and shareholders.”
“Our search for leadership is well underway and we have an extremely strong pool of talent across our organization as well as external candidates to build our management teams,” Burns added. “We have made significant progress toward creating two strong companies and I am confident that our decision to separate will position both businesses for continued success.”
The Document Technology company will lead the market with superior technology, solutions and innovations that optimize document management in an increasingly interconnected, digital world. Its strong profitability and free cash flow generation will enable significant capital returns and provide for selective investments in attractive growth areas.
The BPO company will be an industry leader that helps businesses and governments manage large-scale, transaction intensive processes with their patients, commuters, travelers, citizens, and employees. With approximately $7 billion in 2015 revenue – more than 90% of which is annuity based – the company is focused on attractive growth markets including transportation, healthcare, commercial and government services.
About Xerox
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. Our employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients and their customers in 180 countries. On January 29, 2016, Xerox announced that it plans to separate into two independent, publicly-traded companies: a business process outsourcing company and a document technology company. Xerox expects to complete the separation by year-end 2016. Learn more at www.xerox.com.
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