Lexmark names veteran tech company executive as CEO, president

Rich Geruson was announced as the new Lexmark CEO and president, selected after a search.
Rich Geruson was announced as the new Lexmark CEO and president, selected after a search. Lexmark International, Inc.

Lexmark on Monday announced that Richard Geruson has been named president and chief executive officer of the Lexington-based company, effective immediately.

Geruson also will serve on the board of directors.

Selected after a search, Geruson replaces David Reeder, who resigned as head of Lexmark in June after only seven months, citing personal reasons.

“Lexmark is a company with a long-standing reputation for excellence, from best-in-class products and solutions to a remarkable customer retention rate,” said Geruson. “I am proud to lead the team as we embark on our next stage of global growth.”

Geruson comes from the tech world, having spent the last six years as CEO and president of Phoenix Technologies, which provides firmware and optimization software for PCs, tablets and Internet-embedded devices.

Before that, he was CEO of Voice Signal, which pioneered voice recognition software for mobile phones, and he also has held executive positions at Nokia, IBM, Toshiba and McKinsey & Company, according to a news release.

Since June, Lexmark has been led by a management team of Brock Saladin, senior vice president and chief revenue officer, and Allen Waugerman, senior vice president and chief technology officer. Both will remain on the Lexmark executive leadership team in their current roles, reporting to Geruson.

Geruson joins the company as it is attempting to cope with a lawsuit that alleges the company misled shareholders in 2014-15, costing investors more than half a billion dollars. Layoffs also have continued in the year or so since the company was acquired by a consortium of Asian investors; in August, 700 more employees were laid off.

Longtime CEO Paul Rooke left Lexmark in November 2016 as the Asian buyout was completed and the company sold off its software business.