Lexmark, one of Lexington’s major employers, has announced it has a new CEO, its fourth in three years.
Allen Waugerman, an electrical engineer who has been with Lexmark since 1991, was unanimously selected by the board of directors, the company announced on Tuesday. Since 2016, Waugerman has been a senior vice president and chief technology officer at the company.
“I am proud of Lexmark’s recent accomplishments, including the largest product launch in our history and the development of new solutions and services such as cloud-based as-a-service offering,” Waugerman said in a news release. “I look forward to leveraging our strengths and proprietary technologies toward broad global strategies that will position Lexmark for success well into the future.”
He also led the company on an interim basis during what was described in the release as “an extensive” CEO search.
“We are pleased to appoint Allen as Lexmark president and CEO,” said Mickey Kantor, chairman of the board of directors. “He brings strong leadership, integrity, deep knowledge of technology and a track record of commitment to Lexmark’s success, making him the right choice to lead the company toward continued global growth.”
Waugerman is a graduate of Bryan Station High School and the University of Kentucky. He is a Dean’s Advisory Council member for the UK College of Engineering. He serves on the board of the YMCA of Central Kentucky.
He succeeds Rich Geruson, who left the company abruptly in November 2018 after just over a year on the job. Before that departure, David Reeder left in November 2017 after only seven months. Longtime CEO Paul Rooke left Lexmark in 2016 after the company was bought out by a consortium of Asian investors, who sold off its software business and took the company private.
Lexmark employs 1,950 in the U.S., including 1,350 at its Lexington complex, and 8,200 worldwide.
Lexmark also has been sued by investors who allege the company misled them over demand, inventory and growth prospects in 2014-15 and cost shareholders millions. That lawsuit in federal court in New York is ongoing. In March, U.S. District Court Judge William H. Pauley III denied Lexmark’s motion to dismiss the suit.