Jeff Jacobson.
Xerox has announced that it has completed the separation of Conduent Incorporated, creating two market-leading, publicly-traded companies. “The successful completion of the separation sharpens our market focus and commitment to our customers,” said Xerox CEO Jeff Jacobson.
“I’m confident the transformational actions we’re implementing position Xerox for long-term success and unlock shareholder value.” Members of the company’s executive leadership team, employees and customers celebrated the milestone by ringing the opening bell at the New York Stock Exchange on January 4. The company added that Xerox’s focus on growing its global leadership in digital printing technology and services will help customers innovate how they communicate, connect and work more productively. The company’s financial model and revitalized business strategy will enable strong free cash flow generation and margin expansion, while targeting investments in attractive growth areas – such as document outsourcing and solutions for small and medium-sized businesses. Under the terms of the separation, on the distribution date of December 31, 2016, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held, as of the close of business on December 15, 2016 – the record date for the distribution. In connection with the spin-off, Xerox received a cash transfer from Conduent of $1.8 billion, which it intends to use, along with cash on hand, to “retire” approximately $2 billion in debt.
