Xerox’s 6 Most Highly Compensated Executives In 2022

Xerox had a total of six named executive officers in 2022 who in total received compensation of over $38 million, including a CEO who was not the highest compensated of the group.

For printer, copier, and managed services giant Xerox, the past year has been fairly stable in terms of financial results. The company in its first fiscal quarter 2023, which ended March 31, reported revenue of $1.71 billion, which was up 2.8 percent from the same quarter of 2022, and GAAP earnings per share of 49 cents, up 81 cents per share. Equipment sales were up 24.5 percent over last year, but post-sales revenue fell 2.2 percent.

For its fiscal 2022 year, the Norwalk, Conn.-based company reported revenue of $7.11 billion, up 1.0 percent over the prior year, but had a GAAP net loss of $2.15 per share, which was an improvement from the prior year’s loss of $2.56 per share.

Xerox for the year had less stability in its list of named executive officers and their compensation in fiscal 2022. Of the six named executive officers, only three remained in their current positions for the entire year. One of the six, CEO John Visentin, passed away in mid-2022, leaving an opening filled by the company’s new CEO, Steven Bandrowczak. The company in late 2022 also hired a new president to take over Bandrowczak’s role.

Xerox, in its definitive proxy statement filed last month with the U.S. Securities and Exchange Commission, outlined the company’s executive compensation for its top six named executive officers.

Annual compensation for Xerox’s named executive officers include three primary categories of compensation:

* Fixed base salary – Depends on skills, competencies, and value to the market.

* MIP – Annual performance-based cash incentives to motivate executives to achieve annual strategic goals.

* E-LTIP – Long-term incentives in the form of restricted stock units and performance-based restricted stock units to promote retention of executives in the face of a competitive market for talent.

CRN breaks down the details of Xerox’s executive compensation.

6. Joanne Collins Smee, Executive Vice President and President, Americas

Collins Smee, who joined Xerox in September as senior vice president and chief commercial officer and later led Xerox Business Solutions, was named to her current role in June of 2022. In this role, she leads all go-to-market operations, bringing the company’s full portfolio of products to partners and customers in the U.S., Canada, and Latin America.

Because Collins Smee became a named executive officer as of June of 2022, her base salary for the year was $575,000. She received a performance-based cash incentive of 100 percent of her salary, or $575,000, along with E-LTIP stock incentives of $1.4 million, giving her a total compensation of $2.6 million for 2022.

5. Louis J. Pastor, Executive Vice President, Chief Corporate Development Officer, and Chief Legal Officer

Pastor was named CDO and CLO in February of 2021 after joining the company in October of 2018 as general counsel. He currently leads corporate development activities, including the company’s mergers and acquisitions, corporate strategy, investor relations, public relations, and the company’s corporate venture capital fund. He also oversees all Xerox’s legal affairs as well as CareAR augmented reality service platform.

Pastor in 2022 received a base salary of $550,000, as well as a performance-based cash incentive of 100 percent of his salary, or $550,000. With the addition of his E-LTIP stock incentives of $1.9 million, Pastor’s total executive compensation for 2022 reached $3 million.

4. Xavier Heiss, Executive Vice President and Chief Financial Officer

Heiss, a 30-year Xerox veteran, has served as Xerox’s CFO since January 2021 after a four-month stint as its interim CFO. Prior to that, he was president of operations for EMEA (Europe, Middle East, and Africa).

Heiss in 2022 received a base salary of $511,733, along with a matching performance-based cash incentive. His E-LTIP stock incentives of $2.5 million brough his total 2022 executive compensation to $3.5 million.

3. John Bruno, President and Chief Operating Officer

Bruno is new to the list of Xerox’s top named executive officers. He joined Xerox in November of 2022 after the previous holder of that title, Steven Bandrowczak, was promoted to CEO (see below). Prior to Xerox, Bruno was COO of Dublin, Ireland-based analytic firm Aon.

For his short time in his role so far, Bruno received 2022 compensation of $750,000, which was enhanced by a 125-percent performance-based cash incentive of $937,500. He also received E-LTIP stock incentives of $4.5 million, giving him a total compensation of $6.2 million for the year.

2. Steven J. Bandrowczak, CEO

Bandrowczak joined Xerox in 2018 as the company’s president and chief operations officer after a stint as COO and CIO at Lincolnshire, Ill.-based IT service management company Alight Solutions. He was promoted to CEO in August after the surprise death of its former CEO, John Visentin.

For 2022, Bandrowczak received a base salary of $1.0 million, to which was added a 150-percent performance-based compensation of $1.5 million. For the year, he also received E-LTIP stock incentives of $7.5 million. His total executive compensation for the year was $10 million.

1. Giovanni “John” Visentin, Former CEO

Visentin, who led Xerox during a time of great change in the company including its flirtations with possible mergers and acquisitions with rivals HP and Fuji, passed away June 28, 2022 due to complications caused by an ongoing illness. Details of the illness were not released. He was 59 years old. He joined Xerox as vice chairman and CEO in May 2018.

For the half-year that Visentin served as CEO on 2022, he received a base salary of $1.2 million, along with a 150-percent performance-based compensation worth $1.8 million. With his E-LTIP stock incentives of $10.0 million, he was Xerox’s highest-compensated named executive officer in 2022 with total compensation of $13 million.