CEO of Xerox steps down months after company merged with Lexington’s Lexmark
The CEO of Xerox — the printing company that merged with longtime Lexington business powerhouse Lexmark — stepped down Monday.
Steve Bandrowczak, the leader who carried Lexmark through the acquisition, will step down effective immediately from his position, according to a news release from the company and its board of directors.
The board said in the same release Louie Pastor, who was president and chief operating officer at Xerox, will assume the CEO role immediately.
“It has been a privilege to lead Xerox during a period of significant change for our industry,” Bandrowczak said. “Over the past several years, we have taken important steps to strengthen the company, and I am proud of the resilience of our team.”
Xerox Board of Directors Chairman Scott Letier said in the release Pastor has already “played a central role in advancing our strategy, strengthening our operating model, and driving enterprise-wide transformation.”
Pastor thanked Bandrowczak for his time has CEO in the release and said the company has “a strong team and a clear focus on execution.”
“I look forward to driving results and delivering on our priorities,” he said.
In July 2025, Xerox Holdings Corporation acquired Lexington-based Lexmark International for $1.5 billion. The two legacy printer and imaging manufacturing companies — the latter operating in Central Kentucky since 1991 — combined then and began operating as one.
Lexmark was spun out of IBM in the 1990s to house that company’s printers division, which was already operating and manufacturing products in Lexington.
At the time of the acquisition, Xerox officials said the combination of businesses would put it in a better position to have long-term profitable growth and move into more global markets. As part of the deal, Xerox took on Lexmark’s debt.
According to its financial statements, Lexmark ended 2024 right before the merger with revenue of almost $2.25 billion, but those same statements show the cost of making money was high. Lexmark had a net earnings loss of almost $743 million, up $650 million compared to the preceding year.
In the five quarters before the deal was announced, Xerox’s revenue was shrinking. In 2024, the company made $6.2 billion in revenue, down 10% from 2023.
This year in mid-February, Lexmark officials confirmed they had begun a round of layoffs, but declined to say how many people had been let go.
Around the same time, Lexington developer Haymaker Company said it bought 22 acres of Lexmark’s campus at the corner of Newtown Pike and New Circle Road for $6.3 million.
Despite the leadership and staffing changes already since the acquisition, Xerox has reaffirmed its full-year 2026 guidance and said the company remains on track to deliver year-end financial and operational targets.
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