John Visentin, who led Xerox through the pandemic as chief executive at a time when demand for printed documents and ink was declining, died Tuesday. He was 59.
Mr Visentin, who became chief executive of the photocopying and technology company in May 2018 and also served as its vice chairman, died of “complications from an ongoing illness,” the company said in a statement. The statement does not state where he died. A Xerox spokesperson did not share details about that illness and did not say whether Mr. Visentin told the company about it.
The company said Steve Bandrowczak, the president and chief operating officer at Xerox, will serve as interim CEO.
“John’s vision was clear and the Xerox team will continue to fulfill it – not only to fulfill our obligations to our shareholders, customers and partners, but also to pursue John’s legacy,” Mr Bandrowczak said in a statement. .
Before taking the top position at Xerox, Mr. Visentin was immersed in the world of technology and business, serving as an advisor to the chairman at Exela Technologies, an automation company, and an operating partner for Advent International, a private equity firm.
After joining Xerox, he wanted to broaden the company’s offerings. For many years, Xerox was known as a hub for office technology, most notably its xerographic copier or Xerox machine – a ubiquitous, bulky product that commercialized the process of making photographic copies on paper.
Mr. Visentin paid more attention to “digital and IT services, financial services and disruptive technologies,” James Nelson, the chairman of the Xerox board of directors, said in a statement.
Under the helm of Mr. Visentin, the company also tried to push into 3D printing.
His selection as chief executive in 2018 was preceded by Xerox’s decision to cancel its merger deal with Japan’s Fujifilm, after a settlement was reached with a shareholder activist and another major investor who vehemently opposed the deal.
In November 2019, Xerox made a takeover offer for HP, a company synonymous with printers, in an effort to combine the two companies and cut costs.
The merger was backed by Mr. Visentin, who seemed to believe the industry needed some sort of consolidation to appease shareholders concerned about the accelerated erosion of the traditional printing business.
The deal deteriorated after HP discovered that Xerox’s cash-and-stock offering had undervalued the company. Later that month, it formally rejected the takeover offer, dealing a blow to Mr. visentin.
Giovanni Visentin was born on October 23, 1962. A graduate of Concordia University in Montreal, he began his career at IBM, according to his LinkedIn profile. He worked there for over 20 years and then moved to HP. From 2013 to 2017, he was the chief executive of Novitex Enterprise Solutions, according to his company biography.
Xerox described Mr. Visentin in his statement as a leader “who has guided the company through unprecedented times and challenges.”
He is survived by his wife and five daughters.
Jesus Jimenez and Maia Coleman reporting contributed.
