It's A New Day At Xerox
New Xerox CEO John Visentin took the first 15 minutes of the company's second-quarter earnings call to catalog some of the firm's strengths, weaknesses, and how he plans to increase revenue and modernize processes at the aging technology powerhouse.
Visentin was named CEO on May 13 following a high-profile legal battle between activist investors Carl Icahn and Darwin Deason and entrenched board members over the companies proposed sale to Fujifilm. Following a legal victory for Icahn and Deason, the sale was scrapped, the board members left and Visentin was installed as CEO, replacing Jeff Jacobson.
Visentin told investors Xerox has great software and technology that it has failed to capitalize on and has not taken advantage of M&A opportunities that could make it stronger. While Visentin mentioned M&A repeatedly during his remarks, he did not discuss specific opportunities or a timeframe of when the company may pursue buys.
Here are other highlights from Thursday's earnings call: