Investing.com -- Xerox Corporation (NYSE:XRX) shares ticked up in after-hours trading after the global document technology provider announced that Jeff Jacobson will succeed Ursula Burns as CEO when the company completes a highly-anticipated split later this year.
Jacobson, 56, currently serves as the president of Xerox Technology. Burns, who took over as CEO of Xerox in July, 2009, previously announced plans to remain with the copier giant as a chairman while ceding her position as chief executive of the company. In late-January, Xerox unveiled plans to separate into two publicly traded companies at some point before the end of the year. After the split, Xerox will be composed of the company's Document Technology and Document Outsourcing division, while a new company, Conduent, will handle the company's business process services.
"Jeff is a great leader with a passion for our business and employees, deep customer relationships and a clear strategic vision to capitalize on the opportunities ahead," Burns said in a statement. "During his four years at Xerox, Jeff has driven significant productivity and cost efficiency efforts while maintaining our commitment to innovation, quality and leading technology. With his previous public-company CEO experience and his track record and achievements at Xerox, the Board and I are confident he is the best person to lead Xerox forward."
Jacobson came to Xerox in 2012 as president of Global Graphic Communications Operation, before earning a promotion to president of the Xerox technology business two years later. Jacobson's duties included responsibility for the company's for worldwide strategy, sales channel operations, marketing, technical services and customer support, product development, manufacturing and distribution. Before arriving at Xerox, Jacobson served as the CEO of Presstek, a New Hampshire-based manufacturer of computer-to-plate systems.
"I am honored by the board’s decision to appoint me to lead one of the world’s most iconic companies and confident that we will build a bright future for Xerox on the foundation of disciplined management, operational excellence and customer focus that is in place today," Jacobson said. "As an independent company and with the benefit of the strategic transformation we are aggressively implementing, we will capture the many opportunities available to us to strengthen core businesses and pursue select growth opportunities."
Shares in Xerox gained 0.09 or 0.90% to 10.11.