Lexmark CEO David Reeder resigns; company cites personal reasons

Lexmark CEO and president David Reeder resigned Wednesday, effective immediately, for personal reasons, the company said. The search for a successor has begun.

Reeder began his tenure in November, when Paul Rooke left; he had been chief financial officer since January 2015.

In the meantime, Lexmark will be led by a management team consisting of Brock Saladin, senior vice president and chief revenue officer, and Allen Waugerman, senior vice president and chief technology officer. Saladin has been with Lexmark since 1996 and previously was vice president and general manager of global channel sales and marketing for Lexmark’s former Imaging Solutions and Services division.

Waugerman began his career with IBM in 1989, transitioning to Lexmark at its inception in 1991. Previously, he was vice president and general manager of worldwide annuities marketing and sales for Lexmark’s ISS division.

The change of leadership will not affect the impending sale of Lexmark Enterprise Software, the company said. In May, Lexmark announced that the company is selling what was once considered a strategic piece of its business to the private equity firm Thoma Bravo. The sale is expected to close later this year.

“All of the Lexmark family want to thank David Reeder for his impressive efforts as CEO of the company, and as CFO as well,” Mickey Kantor, chairman of the Lexmark board of directors, said in a news release. “We wish him and his family the best in the future.

“The board of directors, investors and all Lexmark executives are deeply committed to the success of our company and our priorities for the future. The changes we are experiencing will only make us stronger,” Kantor said. “Lexmark remains focused on delivering industry-leading products and services to customers, while profitably growing our business with an emphasis on worldwide expansion.”

Reeder was named CEO after the acquisition of Lexmark by a consortium of Asian investors was completed in November for $3.6 billion. The company had 2,300 employees at the time in Lexington and is one of the city’s largest private employers. In January, Lexmark announced that its enterprise software division was laying off 320 employees, but it wasn’t clear where those employees worked.

The company did not immediately respond to a request for further comment.

This story was originally published June 14, 2017 at 8:53 AM with the headline "Lexmark CEO David Reeder resigns; company cites personal reasons."