New chief technology officer, Steve Hoover will be responsible for research and product development at Xerox
Xerox has completed the separation of Conduent and has named Steve Hoover as chief technology officer.
‘Today is an historic day for Xerox,’ said Jeff Jacobson, CEO. ‘The transformational actions we are implementing position Xerox for long-term success and unlocks shareholder value.’
Members of the company’s leadership team, employees and customers celebrated the milestone by ringing the opening bell at the New York Stock Exchange on 4 Jan.
Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock.
Xerox received a cash transfer from Conduent of $1.8 (£1.47) billion, which it intends to use to reduce its debts.
As Xerox’s new chief technology officer, Mr Hoover will be responsible for research and product development, reporting to Mr Jacobson. Mr Hoover will also oversee the Xerox global research centres including the Palo Alto Research Center (PARC), the Xerox Research Centre Canada and the Xerox Research Centre Europe, as well as the company’s product development and engineering capabilities. Mr Hoover, who was previously chief executive officer of PARC, succeeds Sophie Vandebroek, who retired at the end of 2016.
‘Steve’s experience at PARC provides a great foundation for building on Xerox’s strong innovation heritage,’ said Mr Jacobson. ‘His leadership will help drive new, cutting-edge technologies that redefine how work gets done for our customers.’
