Xerox Names New CFO and Board Members
Xerox Names New Post-Separation CFO
In a December 2nd announcement, Xerox named William F. Osbourn, Jr. as the Chief Financial Officer of the legacy Xerox Corporation following the scheduled separation from Conduent Inc. at year end. Osbourn joined Xerox as CFO of the company’s Technology business on December 5th. Prior to joining Xerox, Osbourn served as co-CFO at Time Warner Cable for 13 years. The Wall Street Journal reports that Osbourn will receive an annual base salary of $625,000 along with a restricted stock unit award of $1.125 million. Additionally, the new CFO will have an award opportunity of $625,000 under the company’s short-term incentive program and $2.3 million under the long-term incentive program.
Current Xerox CFO to Retire
Leslie Varon, currently serving as CFO since October 2015, is to retire following the completed separation. Varon served in a variety of senior finance roles in her 36 years with Xerox. Current Xerox chairman and CEO, Ursula Burns, praises Varon as “an outstanding leader for our finance organization. She is one of the principal architects of our strategic transformation program and has demonstrated tremendous leadership through our separation process. Along with her significant contribution to the business throughout her years of dedicated service, she has been a great partner and advisor to me, and I wish her the best.” Burns will, similarly, step down as Chairman and CEO of the legacy Xerox Corporation by the completion of the separation or by January 31, 2017 at the latest.
Two Additions to Xerox Board
On December 5th, Xerox announced the addition of two directors to the board, effective January 1, 2017 – Cheryl G. Krongard, former senior partner with Apollo Management LP, and Joseph J. Echevarria, former CEO of Deloitte LLP. According to Burns, “Xerox will greatly benefit from Joe’s knowledge of international business and professional services and Cheryl’s expertise in institutional asset management, as we begin our exciting next phase after our separation into two independent companies.”