On September 4, 2019, Mr. Weisler (HP CEO) and Mr. Visentin had their previously-scheduled breakfast meeting. At the meeting, Mr. Visentin stated that, strategically, Xerox’s Board believed that Xerox was out of organic growth opportunities and must either grow through a strategic acquisition or be acquired.
From HP PREC14A filing with SEC 2/27/20
JohnV as CEO is clearly just serving as a realtor to get the product sold.
"Oh, it's a great house (company), all it needs is a little paint (revenue) and new carpet (products). Ready to sign a contract?"
He obviously cares nothing about the employees or whether the company exists in 2 or 3 years. He's just trying to offload a house (company) that's been on the market for too long so he can get his commission check.
The HP CEO has been with HP for 30 years and knows that company very well. He was an engineer. He was in charge of the division in Spain. HP finally has the right person in charge.
Listening to the HPQ CEO made me realize again that been run by the polar opposite at X for a long time.
Saw that interview and I was surprised how much Jim Cramer is against what Xerox is doing. That tells me Wall Street knows this is a bad move and they (traders and hedge funds) are just trying to make a quick buck rather than invest in the merger.
Here is an interview the CEO of HP did this week after announcing their earnings. Both he and CNBC have negative opinions about the Xerox plan.
https://youtu.be/u-j-iyg-QVk
Now ask yourself - when was the last time you heard JohnV sound anything like the HP CEO? The only thing JV ever says are empty phrases like "we need to all pull in the same direction" and "we're all in the same boat".
https://finance.yahoo.com/news/top-10-most-overpaid-ceos-164541227.html
Visentin is #10 on the list. His skill? Nothing has been demonstrated to date. But he has confidence and is Carl’s man.
I know that there are some people in the world who have questionable morals but I assume that JV has a wife and kids and a mother and father that he has to look in the eye and say yes I am a good man.
How this guy can stand up there in these Xerox webcasts 3 or 4 times a year and keep lying to the employees and the public. All of this we are in the same boat nonsense. He lies. He does not care about Xerox, he only cares about himself and his own personal wealth. He wants to get as much money as he can and then he is going to just walk away without one shred of guilt. On to his next conquest. A con artist.
MarketWatch just had a report or article this week that had Visentin on the top 10 list of overpaid CEO's.
@wsh, I think you're projecting. The people in charge are trying to make a quick buck and nothing more.
Well he ruined HP and got fired from there so it's only logical that he "copied" the same plan and hence ruined Xerox
It just amazes me that they pay these id–ts millions of dollars when they clearly have no clue on how to grow a business. He must have been educated at The HCL college of impractical Business
@cbx
I like the visual
Good one!
The air is out of the balloon
So the meeting discussion: Duh. XRX knew this for years, thus the ACS acquisition. Except instead of allowing ACS to be ACS, sc-appy, low process, low cost and high output - they tried to convert them. Spent billions- diverted from R&D and the pipeline. It ended up failing due to the liabilities and lawsuits but the root was trying to change a culture. So they spun it off. But it was the right idea because ACS was DIVERSIFIED, not beholden to print.
Now look to today- XRX thinks acquiring a print company is what is needed to survive in a declining PRINT market. That is, like, asinine.
Xerox....they still around??
It's like two garbage trucks hurling towards each other full speed, one packed with $30 inkjets, the other with Nuvera.
Smoke and mirrors, that's all it was. Just empty fluff for Wall Street analysts to lap up.
But I'm glad HP is finally firing back and letting the truth out. This is a dying company that never diversified and is now paying the price for it.