The goose is cooked. Xerox is a dying company and the Exec board is simply trying to show profits to sell the company for as much as possible before the true ramifications of the cost cutting hit the books. It’s done folks. Wish it wasn’t true, but it’s the reality we need to live with. If they “Exec Board” were honest about growing the company, new Unique technology would be coming from Xerox to be sold. You are not seeing that, because they have nothing to promote. They bought a c-appy 3D dad and son company to say they entered the 3D market, but nothing will come of it because it’s a nothing company. This is a classical Carl Icahn pump and dump stock. It’s dead. I’m sorry, but Xerox is dead. Any intelligent business professional with an advanced degree can see where this is heading. Because Xerox is dead, doesn’t mean your career is dead. Look for a company that values a customer relationship, employee well being with growth opportunity. Believe it or not, they still exist! Keep in mind Carl Icahn is a greedy b–tard. Not all companies are run by Carl Icahn.
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To r-jea: sounds great, except THERE IS NO PLAN!! Vader is like 2 people and no new org, facility, or budget exists in that space. New products have been in the pipeline for years, not related to this mgmt team. Without a plan, getting to flat revenue is not possible. Now that most of the brains in Xerox have been layed off, the remaining “managers” will not be able to come up with the plan to flatten revenue. On top of that the coming public failure of key IT solutions will add downward pressure on the already declining stock price. Death spiral coming.
@10ieJPGr-jea most people at least at the XBS level were not well compensated let alone earning market rate wages. If you have “marketable skills” now is the time to jump ship because when the economy takes a turn you might find out that those marketable skills aren’t worth as much as you think. Xerox should have made drastic moves years ago, nothing in the pipeline is going to make the company what it once was. The Xerox name was synonymous with photocopying and American ingenuity now it’s brand is antiquated, expensive, and stagnate.
Dying? I don't think so. Transforming? Yes.
Long term we might end up being something very different than we've been for decades, but Xerox has to adapt to the changing reality otherwise we'll become the next Kodak. Kodak didn't change quick enough, and now is a shadow of what they used to be. Ursula tried to transform with the ACS acquisition, but she didn't do her homework and bought a mismanaged company that was not salvageable.
The transformation will be tough for some, no doubt, as it already has been. I won't pretend to know how much more change or reductions will occur. All I can do is the best job I can, which I will as long as they keep paying me a competitive wage (they are.)
The sky isn't falling on everybody. Yes, senior management will make out better than the average worker. If eventually I lose my job I'm not worried as I have very marketable skills.
Willing to bet that Icanh and JonV are even now buying enough of the stock to keep the value from tanking for at least a bit longer..,
Hahahaha, stock value is dropping like a rock after Q2 announcement.
Nice work C-suite team, you can add Xerox to TWA and Blockbuster. Tell me again about being a tech giant and how J. V.s $24M pay was determined?
vap, you are spot on! Company is worthless and all the exec's are doing is lining their pockets. The President and VP ranks lie to their employee faces while they do nothing but game their bonus plans. Very sad...
OP nailed it, this is Titanic 101. Just perusing initial numbers should be cause for concern. Six months in and lowering revenue guidance (at constant currency as to hide how degrade it is at actual). Also, 600M of additional buyback for BOY 2019. Tech Powerhouse indeed. Anyone without a cogent exit strategy only has themselves to blame.
It amazes me the amount of people who comment & don’t understand that Zerox was misspelled that way on purpose in comments to emphasize the “zero” worth. Sounds like a typical Xeroid employee rearranging the chairs on the titanic....
It amazes me the amount of people that work at Xerox, but cannot spell the name of the company.
I agree in every way. That is why I gave my two weeks notice last week & moving to a company that pays way more and respects humans.
Look for the Q2 numbers that will be released today, there will be terrible drops in revenue & yet magically an increase in profit which is all driven by all the people they have cut or booted out to the parasite company HCL. Zerox is truly Dead.