Lexmark president and CEO Allen Waugerman has stepped down from his role as Xerox Holdings Corporation completes its acquisition of Lexmark International Inc. from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre.
Xerox CEO Steve Bandrowczak will remain CEO of Xerox with an executive team comprised of Xerox and Lexmark leaders.
“Today is a pivotal moment for Xerox and Lexmark as these two great companies combine to shape the future of the printing industry. I am stepping away from my role as CEO of Lexmark, and I do so with immense pride in what we’ve built and with great optimism for what lies ahead,” Waugerman said.
“I started my journey at what would become Lexmark on the factory floor churning out typewriters more than 30 years ago. Leading the company as CEO for the past six years has been the honour of a lifetime.
“Lexmark has always been more than a workplace to me. It’s been a mission, an opportunity and most importantly, a community. Since our inception in 1991, we have become a global leader in imaging and IoT solutions. We’ve pioneered innovations, served customers in over 170 countries, and built a culture rooted in integrity, excellence and collaboration.
“Now, we turn the page to an exciting new chapter. As of today, Lexmark becomes part of Xerox in a historic acquisition that will reshape the future of our industry. This is not a goodbye to what Lexmark has been, but a bold step forward into the future.
“With Lexmark’s culture of excellence and Xerox’s storied legacy, I’m confident this merger will unlock new innovations and business impact, driven by the talented people who make both organisations so special.
“As I move on, I carry with me the lessons and love of this remarkable community. Lexmark will always be a part of me, and I look forward to watching the company thrive as part of Xerox.”
The union of two industry leaders
Bandrowczak said the transaction, valued at US$1.5 billion inclusive of net debt and assumed liabilities, will mark a “significant milestone” in Xerox’s strategic transformation and reinforces its commitment to delivering innovative workplace solutions in an evolving hybrid environment.
“We’ve long admired Lexmark’s strong print and managed print services reputation, robust client and partner base, and global presence. Over the years, we’ve built a collaborative partnership, and today, we take our business to the next level,” Bandrowczak said.
“Together, we will drive greater success for our clients and partners through a broader portfolio of print and managed print solutions, furthering our reinvention and solidifying our path toward long-term profitable growth.”
Bandrowczak added the unified leadership team is structured to accelerate innovation and scale, leveraging the deep bench of talent from both companies. The combined organisation will serve more than 200,000 clients in over 170 countries and operate 125 manufacturing and distribution facilities in 16 countries.
“With the acquisition of Lexmark, Xerox now stands among the top five in every major print segment and is the market leader in managed print services. This strategic combination strengthens our core business by adding exposure to growing parts of the print market, manufacturing capacity and expanding our distribution reach,” he said.
“The transaction accelerates our reinvention by improving our mix of revenue from growing markets and further enabling long-term growth in adjusted operating profit through structural simplification.
“By uniting two complementary portfolios and deepening our capabilities, we’re better equipped than ever to deliver innovative, end-to-end solutions that drive success for our clients across every geography and industry.”
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