TheBadPlaceyahoo news | Xerox Taps Louie Pastor As CEO After Steve Bandrowczak Steps Down
Xerox’s board of directors announced that Lou Pastor has been appointed chief executive officer, effective immediately, succeeding Steve Bandrowczak, who stepped down after a three‑and‑a‑half‑year tenure. Pastor, who joined Xerox in late 2018 as executive vice president and general counsel and later served as president and chief operating officer, was praised by Chairman Scott Letier for his operational discipline, strategic insight and deep familiarity with the company. The board expressed confidence that Pastor’s focus on execution will help Xerox sustain momentum and meet its strategic and financial goals.
Bandrowczak, a Xerox veteran of more than seven years, had been CEO since August 2022, taking over after the death of former chief John Videntin. During his leadership Xerox completed the acquisition of Lexmark (announced December 2024, closed July 1 2025) and purchased ITsavvy in October 2024 for $400 million. He also secured a $450 million joint‑venture investment with TPG, providing liquidity for general corporate purposes and the integration of Lexmark. Bandrowczak highlighted the company’s strengthened position and praised the resilience of the team before departing.
In its most recent fiscal report, Xerox reported FY 2025 revenue of $7.02 billion—up 12.9 % year over year—but a GAAP net loss of $1.03 billion, narrower than the prior year’s $1.32 billion loss. On a pro‑forma basis that includes Lexmark and ITsavvy, revenue fell 7.6 % for the year. The company also saw a reshuffle in its C‑suite, with Chuck Butler becoming CFO in December, and its workforce grew to roughly 22,900 employees by the end of 2025. Despite these moves, Xerox’s stock has declined 73 % over the past twelve months, trading around $1.30 per share with a market cap near $167 million.
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