Home Featured Xerox Makes Its Interim Finance Chief Permanent

Xerox Makes Its Interim Finance Chief Permanent

by Bioreports
126 views
xerox-makes-its-interim-finance-chief-permanent

Xerox said Xavier Heiss, a 32-year company veteran, will help speed its transformation at a critical time.



Photo:

Bloomberg

Xerox Holdings Corp.’s

interim finance chief is set to stay.

The Norwalk, Conn.-based company said Friday that

Xavier Heiss

will become its permanent chief financial officer on Jan. 1. Mr. Heiss has held the role on a temporary basis since September, following the departure of

William Osbourn,

who served as CFO for about three years and left for personal reasons.


Newsletter Sign-up

CFO Journal

The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.


Mr. Heiss, a 32-year Xerox veteran, most recently led the printer-and-copier giant’s operations in Europe, the Middle East and Africa. He has also served as controller and as CFO of the company’s Americas operations.

“His well-established relationships across the business and with global customers position him well to help speed our transformation at a critical time in the company’s history,” Chief Executive

John Visentin

said.

Friday’s appointment comes at the end of a tumultuous year for Xerox. The company in March abandoned its hostile takeover of rival

HP Inc.

following a drop in Xerox’s market capitalization.

Xavier Heiss, Xerox’s new permanent finance chief.



Photo:

Xerox Holdings Corp.

Xerox’s business has taken a hit during the coronavirus pandemic as companies have shifted to remote work and many offices remain empty. Net income for the quarter ended Sept. 30 was $90 million, compared with $221 million a year earlier.

The pandemic “is accelerating the decline in print dependency for enterprises,” said

Julie Bhusal Sharma,

an analyst at Morningstar Inc., a research and ratings firm. “That acceleration will last after Covid is gone.”

Xerox’s management will be tasked with finding new ways to boost revenue in the months ahead. One avenue it could pursue is focusing more on the digital packaging and workflow software businesses, analysts said.

Additional cost cuts also are on the table, Ms. Bhusal Sharma said, following earlier efforts to reduce its real estate footprint and its head count. Xerox had about 27,000 employees globally as of Dec. 31, 2019, compared with 32,400 employees a year earlier.

The company didn’t immediately respond to a request for additional comment.

Write to Kristin Broughton at Kristin.Broughton@wsj.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

You may also like

Leave a Comment