- After less than a year and a half in the position
- John Visentin taking over
(exechange) — Norwalk, Connecticut, May 1, 2018 — Jeff Jacobson, chief executive of Xerox, leaves. As announced by Xerox Corporation in a news release and in a regulatory filing published on Tuesday, May 1, 2018, Jeffrey (Jeff) Jacobson leaves his post as Chief Executive Officer at the maker of document technology products after less than a year and a half in the position.
No company wants a CEO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.8 years, according to data compiled by exechange. Only 9 percent of the CEOs who departed over the past 12 months left the position within two years, and 19 percent left the position within three years.
Jacobson’s duties will be taken over by Giovanni (John) Visentin, most recently Senior Advisor to the Chairman of Exela Technologies.
The fact that Jacobson’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Agreement with Carl Icahn and Darwin Deason that will resolve the pending proxy contest”
Jacobson’s departure from the CEO post is explained as follows. Xerox said in a fairly blunt statement: “Xerox … today announced that it has entered into an agreement with Carl Icahn and Darwin Deason that will resolve the pending proxy contest in connection with the company’s 2018 Annual Meeting of Shareholders, as well as the ongoing litigation against Xerox and its directors related to the company’s proposed combination with Fuji Xerox. The agreement does not affect any claims of Mr. Deason against Fujifilm for aiding and abetting. The agreement will become effective upon execution by the court of stipulations discontinuing the Deason litigations as to the Xerox defendants. The agreement will automatically terminate if the court does not act before 8:00 PM EST on May 3, 2018. Pursuant to the terms of the agreement, upon effectiveness:
- Xerox will appoint six new members to its Board of Directors: Keith Cozza, Nicholas Graziano, Scott Letier, Jay Firestone, Randolph Read and John Visentin.
- Jeff Jacobson will resign as Chief Executive Officer of Xerox and as a member of its Board of Directors.
- Robert J. Keegan, Charles Prince, Ann N. Reese, William Curt Hunter, Sara Martinez Tucker and Stephen H. Rusckowski will also each resign from the Board of Directors of Xerox.”
Precise information about Jacobson’s future plans was not immediately available.
Xerox said: “Jeff Jacobson will resign as Chief Executive Officer of Xerox and as a member of its Board of Directors.”
Share price decline
The change follows a decline in the share price of Xerox Corporation since December 2014.
In the position of CEO since 2017
Jeffrey Jacobson has been the Chief Executive Officer of Xerox Corporation since January 1, 2017.
Jacobson has been an officer of the company since February 2012.
As CEO, he has overseen Xerox’s largest product launch in its more than 100-year-history and continues to lead the company through a strategic transformation.
In his previous role as president of Xerox Technology business, Jacobson led the company’s technology business, which offered a diverse portfolio of hardware, software and services to customers ranging from small businesses to multinational enterprises.
He was responsible for worldwide strategy, sales channel operations, marketing, technical services and customer support, and product development, manufacturing and distribution.
Jacobson joined Xerox in 2012 as the president of Global Graphic Communications Operations where he led strategy, operations and product development of the company’s production systems portfolio for the global graphic communications market.
In 2014, as the chief operating officer of the Xerox Technology business, his responsibilities were expanded to include strengthening the technology product and solutions portfolio, managing the cost base and driving supply chain, manufacturing and overall efficiencies.
Prior to Xerox, Jacobson served as the president and chief executive officer of Presstek, adding the title of chairman in 2009.
Previously, Jacobson was chief operating officer of Eastman Kodak Company’s $3.6 billion Graphic Communications Group.
He also served for five years as CEO of Kodak Polychrome Graphics, a $1.7 billion joint venture between Sun Chemical and Eastman Kodak.
Jacobson is a graduate of the State University of New York at Buffalo with a bachelor’s degree in Management and holds a master’s degree in Industrial Relations from the Cornell School of Industrial Relations.
He also earned a juris doctor degree from Elisabeth Haub School of Law at Pace University and is admitted to the bar in New York and New Jersey.
In addition to the Xerox board, Jacobson is a board director of Fuji Xerox Company, Ltd.
During his career, Jacobson has received notable industry recognition.
In 2017, he received the Achievement Award for Industry Leadership from the University at Buffalo’s School of Management for being at the forefront of his industry and exemplary career.
He is a past recipient of the Luminaire Award from Women in Production and the Power of Communication Award from the Association of Graphic Communications; both of these awards recognize leaders in the graphic arts printing business for their positive influence, creative excellence and outstanding achievements in the world of communications and publishing.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 19.2018 ($).