Technology
Former Xerox CEO Burns, Who Nearly Destroyed Company, Still Chair
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Xerox Corp. (NYSE: XRX) CEO and Chair Ursula Burns did more to destroy the company than anyone in its decades long history. She was removed as chief executive, pending a split of Xerox into two companies and an executive search for a new CEO, but she will stay on as board chair of one of the two companies that Xerox will create as it cleaves itself in half.
The publicly traded corporation’s board decided:
In January, Xerox announced it would separate into two stand alone, market-leading companies – a Document Technology company comprised of its Document Technology and Document Outsourcing businesses and a Business Process Outsourcing (BPO) company. The separation is on track to be completed by the end of 2016. The Document Technology company will be a global leader in document management and document outsourcing with $11 billion in 2015 revenue.
Corporate raider Carl Icahn took a position in Xerox before the split.
Burns will have the board chair at the new document technology operation. Perhaps a new CEO can salvage what little Burns has left.
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