Xerox’s top boss is stepping down after a brutal collapse that saw the company’s stock crater more than 90% — capping a turbulent tenure marked by layoffs, dealmaking and deepening losses.
Steve Bandrowczak, who took home total compensation of $14.3 million in 2024, quit as CEO on Monday, ending a run that began in August 2022 and coincided with one of the sharpest shareholder wipeouts in the company’s modern history.
Xerox’s board of directors tapped Louie Pastor to succeed Bandrowczak as CEO effective immediately.
“Over the past several years, we have taken important steps to strengthen the company, and I am proud of the resilience of our team,” Bandrowczak said in a statement.
“I appreciate the support of the Board and leadership team during my tenure and wish the company well in its next chapter.”
Shares of Xerox plunged from the mid-teens when he took over to roughly $1.27 at the time of his departure — a staggering decline that erased billions in market value and left the once-iconic office tech giant trading like a penny stock.
Xerox stock fell by more than 9% on Monday afternoon following news of Bandrowczak’s departure.
The collapse came despite an aggressive “reinvention” push that reshaped the business, slashed costs and leaned heavily on acquisitions to spark growth.
The overhaul included a targeted 15% workforce reduction as part of a sweeping cost-cutting plan.
But those moves failed to offset declines in Xerox’s core print operations, raising questions about the effectiveness of the turnaround.
“Macro headwinds continue to persist, but we are cautiously optimistic that the business trends are starting to improve,” he said on the company’s fourth-quarter 2025 earnings call.
The results told a harsher story.
Xerox reported full-year revenue of $7.02 billion in 2025, up on paper due to acquisitions — but down roughly 8% when stripping out those deals.
Profitability deteriorated sharply, with the company posting an adjusted loss per share of $0.60 for the year.
Cash generation also weakened, with free cash flow plunging by more than $300 million year-over-year to just $133 million.
Even in the fourth quarter, where revenue jumped 26% due to acquisitions, underlying sales declined 9% on a comparable basis — underscoring continued weakness in the core business.
The company’s balance sheet also deteriorated sharply, with debt swelling to roughly $4 billion — leaving Xerox highly leveraged as losses mounted.
The Post has sought comment from Xerox.
