The CEO and Vice-Chairman of Xerox Holdings Corp. (NASDAQ: XRX), John Visentin, passed away on June 28 as a result of complications from an ongoing illness. Visentin, 59, had been working for the company since May 2018.
James Nelson, the Chairman of Xerox’s board of directors, said, “As a champion for innovation, he (Visentin) embraced and enhanced Xerox’s legacy as a print and services provider and embarked on a transformative journey that broadened the company’s expertise and offerings to digital and IT services, financial services and disruptive technologies.”
President and COO Steve Bandrowczak will now serve as the company’s Interim CEO.
Connecticut-based Xerox offers office and production print technology products and services in over 160 nations. It is scheduled to release its second-quarter results next month. The Street expects the company to report earnings of $0.13 per share, compared to $0.47 per share posted last year.
Stock Rating
Based on one Hold and two Sells, the stock has a Moderate Sell consensus rating. XRX’s average price target of $15.33 implies 1.7% upside potential from current levels. Shares have lost 33.1% over the past six months.
Insiders’ Activity on TipRanks
TipRanks’ Insider Trading Activity tool shows that Insider Confidence Signal is currently Positive for Xerox, as corporate insiders have bought XRX stock worth $36.3 million in the last three months.
Conclusion
XRX stock has lost 33.6% over the past year. It needs a major boost, which could come in the form of upbeat second-quarter results. As of now, investors interested in the stock should wait for any major changes that the company might announce following the demise of its CEO.
Read full Disclosure
