- In today’s CEO Daily: Diane Brady on Xerox’s reinvention.
- The big story: U.S. and China agree to framework deal.
- The markets: Up but not soaring after U.S.-China framework.
- Analyst notes from UBS, Convera, and Deutsche Bank.
- Plus: All the news and watercooler chat from Fortune.
Good morning. Xerox CEO Steve Bandrowczak is a determined man. Disowned by his family at 16, he took 10 years to complete a two-year degree from a community college while working nights on the Long Island Railroad. So he doesn’t mind playing the long game when it comes to what he calls the “Reinvention” of a 118-year-old brand that’s struggling with a shrinking print business, geopolitical headwinds, and short sellers seeking to profit from the company’s distress.
As Bandrowczak told me yesterday at the Fortune COO Summit, the shift from being a manufacturer of copier machines to a services and software company is well underway, “this public reinvention is critical and the hardest part is the second half, which is where we are now.”
Hard is an understatement. Bandrowczak’s recent decision to cut the dividend to reduce debt as he navigates tariffs, a tricky acquisition, and a volatile economy sent a struggling stock even lower.
“When you’re reinventing a company, it’s always a lot easier to do it in private,” said Bandrowczak. “However, we rebuilt an incredible board…and I want to reward the shareholders who have stuck with us for so many years.”
As for the skeptics, Bandrowczak says he doesn’t care because he’s confident that his strategy will yield results. As long as his board and leadership team have his back, he’ll stick with the plan. After all, starting out he “was going from garbage to garbage scraps, trying to get enough money to put gas in my car. I don’t fear anything.”
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Contact CEO Daily via Diane Brady at diane.brady@fortune.com
