Xerox has appointed Steven Bandrowczak as the new CEO of the printing and digital services giant. Bandrowczak had been serving as interim CEO for the past couple of months following the death in June of his predecessor, John Visentin, who unexpectedly died of an unspecified illness at the age of 59.
According to various media sources, Xerox offered him the CEO role and a seat on the company’s board of directors, along with an initial annual salary of US$1 million, a management incentive plan with a bonus of up to 150% of his annual salary, an annual LTI (long-term incentive) award of $7.5 million starting in 2023, a one-time LTI award of $3 million that vests over a three-year period, and other incentives.
The latest move serves as a step forward for Xerox as they are appointing someone who knows the intricacies of the printing giant's business. Bandrowczak has been with Xerox since 2018, and prior to Visentin’s death, served as the company’s President and Chief Operation Officer. In his tenure before the new role, he drove the development and execution of a global operations strategy for Xerox’s Software and Innovation businesses.
Bandrowczak also oversaw the company’s business support functions, including business strategy, product and service delivery, customer billing, information technology, global procurement, and real estate. He was at one point also on the board of directors of Fuji Xerox, the joint venture between Fujifilm and Xerox that ended in early 2021.
Previously, he spent years as a C-level executive in several tech-related enterprises. Prior to joining Xerox, he was COO and CIO at Alight Solutions in late 2016, where he was responsible for global supply chain, shared services, product development, and more. From April to October of 2016, Bandrowczak was president of telecommunications and technology at Sutherland Global Services, with a focus on next-generation BPO (business process outsourcing) services. He also counts HP, Avaya, Avent, Lenovo and Nortel as his previous employers.
Bandrowczak takes over during a time of relative stability at Xerox, which has in the past few years weathered multiple merger and acquisition missteps and ownership battles, but his time at the company seems to have provided the experience he needs.