Xerox, a global workplace technology company, announced organizational changes to support plans to create three new businesses – Software, Financing and Innovation – aimed at delivering long-term growth in 2021 and beyond.
“We are focused on increasing the breadth of our offerings to better reach new and existing clients and drive organic growth,” said Xerox Vice Chairman and CEO John Visentin. “Our plan to stand up three separate businesses by 2022 will provide greater focus, flexibility, and visibility as we position Xerox for the future.”
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Nicole Torraco has been promoted to senior vice president, Xerox Financial Services (XFS), to lead Xerox’s financing business, reporting directly to Visentin. XFS will become a global payment solutions business, aimed at expanding its customer base, creating potential cross-selling opportunities, and helping to support small and medium-sized businesses. Torraco previously served as chief strategy and M&A officer.
Sam Waicberg will lead the Software business as vice president and general manager of Digital Services, reporting to President and Chief Operations Officer Steve Bandrowczak. Sam joined Xerox with the recent acquisition of CareAR, an augmented reality support platform company, where he was co-founder and CEO. The new Software business includes CareAR as well as DocuShare, a cloud-based content management system; XMPie, a multi-channel marketing software company; and FreeFlow, automation software for production print. The business will bring together Xerox’s expanding capabilities to better support clients’ digital needs.
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Naresh Shanker, senior vice president and chief technology officer, will lead the PARC Innovation business. Xerox has made progress advancing new technology in recent years with products including 3D liquid metal and industrial IoT products, cleantech technology, signing clients and generating strong commercial interest. PARC will include the scientists and engineers located in Palo Alto, Calif.; Webster, N.Y.; Cary, N.C., and Toronto to create an innovation business that drives the commercialization of Xerox’s developing disruptive technology.
Executive Vice President Louie Pastor has been appointed chief corporate development officer and chief legal officer. In addition to overseeing Xerox’s legal organization, Pastor will lead a new Corporate Development group responsible for sourcing, evaluating, and executing M&A opportunities and venture investments, including the company’s recently announced $250 million corporate venture capital fund.
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