Managed services News

Xerox’s 6 Most Highly Compensated Executives In 2022

Joseph F. Kovar

Xerox had a total of six named executive officers in 2022 who in total received compensation of over $38 million, including a CEO who was not the highest compensated of the group.

For printer, copier, and managed services giant Xerox, the past year has been fairly stable in terms of financial results. The company in its first fiscal quarter 2023, which ended March 31, reported revenue of $1.71 billion, which was up 2.8 percent from the same quarter of 2022, and GAAP earnings per share of 49 cents, up 81 cents per share. Equipment sales were up 24.5 percent over last year, but post-sales revenue fell 2.2 percent.

For its fiscal 2022 year, the Norwalk, Conn.-based company reported revenue of $7.11 billion, up 1.0 percent over the prior year, but had a GAAP net loss of $2.15 per share, which was an improvement from the prior year’s loss of $2.56 per share.

Xerox for the year had less stability in its list of named executive officers and their compensation in fiscal 2022. Of the six named executive officers, only three remained in their current positions for the entire year. One of the six, CEO John Visentin, passed away in mid-2022, leaving an opening filled by the company’s new CEO, Steven Bandrowczak. The company in late 2022 also hired a new president to take over Bandrowczak’s role.

[Related: Tech Company Layoffs In 2023: The Cuts Continue In Second Quarter]

Xerox, in its definitive proxy statement filed last month with the U.S. Securities and Exchange Commission, outlined the company’s executive compensation for its top six named executive officers.

Annual compensation for Xerox’s named executive officers include three primary categories of compensation:

* Fixed base salary – Depends on skills, competencies, and value to the market.

* MIP – Annual performance-based cash incentives to motivate executives to achieve annual strategic goals.

* E-LTIP – Long-term incentives in the form of restricted stock units and performance-based restricted stock units to promote retention of executives in the face of a competitive market for talent.

CRN breaks down the details of Xerox’s executive compensation.

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Joseph F. Kovar

Joseph F. Kovar is a senior editor and reporter for the storage and the non-tech-focused channel beats for CRN. He keeps readers abreast of the latest issues related to such areas as data life-cycle, business continuity and disaster recovery, and data centers, along with related services and software, while highlighting some of the key trends that impact the IT channel overall. He can be reached at

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