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Xerox Corporation XRX recently named Ashok Vemuri as the chief executive officer (CEO) of the Business Process Outsourcing (BPO) unit upon the completion of the separation of the company into two publicly traded entities.
Per the declaration, Vemuri will join the company on Jul 1, 2016, and serve as the CEO of Xerox Business Services, LLC. In addition, he will be the executive vice president of Xerox Corporation.
Vemuri was the former President and CEO of IGATE Corporation before the company was acquired by Capgemini. Vemuri was previously a member of the board at Infosys Limited INFY, Head of Americas and Global Head of Manufacturing and Engineering Services. Vemuri has received several awards and won recognition for his distinguished performance, particularly in leadership roles and corporate transformations.
Vemuri’s deep industry expertise and successful track record of leading growth will be utilized to steer the BPO company to success. Vemuri’s excellent leadership skills are a combination of operational, financial and client experience, which will successfully drive BPO’s growth ahead.
Xerox’s Business Split
On Jan 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – a Document Technology company comprising its Document Technology and Document Outsourcing businesses and a BPO firm. The company expects to file its initial Form 10 registration statement with the Securities and Exchange Commission this July, while it is looking forward to completing the entire separation process by the end of the year.
Xerox is focused on its strategic transformation program, which aims to deliver $2.4 billion in cumulative savings over a span of three years, including savings from ongoing and incremental productivity initiatives.
On the other hand, the Document Technology company, which delivered $11 billion in revenues in 2015, will offer customers services that include document management and document outsourcing with superior technology, solutions and innovations.
Ursula Burns, the chairman and CEO of Xerox, will serve as the Chairman of the new Document Technology entity. Combining the expertise of Vemuri and Burns, Xerox is likely to achieve immense success going forward.
Headquartered in Norwalk, CT, Xerox has its business spread worldwide. It is a global corporation that sells business services and document technology products to businesses and governments of all sizes.
Xerox carries a Zacks Rank #3 (Hold). A couple better-ranked stocks in the industry include ExamWorks Group, Inc. EXAM and Core-Mark Holding Company, Inc. CORE. Both stocks carry a Zacks Rank #2 (Buy).
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EXAMWORKS GROUP (EXAM): Free Stock Analysis Report
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