Pastor takes over from Bandrowczak who during his three-and-a-half years as CEO oversaw Xerox’s acquisition of Lexmark and ITsavvy and the signing of a $450 million private equity investment in the company.
Printer and digital workplace technology developer Xerox Monday said its board of directors has appointed Louie Pastor as its new CEO after former CEO Steve Bandrowczak stepped down. The change in CEO is effective immediately.
Pastor, who joined Xerox in late 2018 as executive vice president and general counsel, most recently served as president and chief operating officer.
Xerox, in an emailed response to a CRN request for more information, said the company had nothing further to add other than what was said in Monday’s press release.
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Xerox Chairman Scott Letier, in a prepared statement, thanked Bandrowczak for his leadership during a time of change for the company.
“Louie [Pastor] brings a strong combination of operational discipline, strategic insight, and deep familiarity with Xerox. Throughout his time with the company, he has played a central role in advancing our strategy, strengthening our operating model, and driving enterprise-wide transformation. The Board is confident that Louie’s leadership and focus on execution will position Xerox well as we continue to build momentum and deliver on our strategic and financial objectives.”
Bandrowczak, a 7-plus-year Xerox veteran, served as CEO since August 2022. He took that role following the death of former CEO John Videntin in June of that year.
Bandrowczak’s sudden departure appears to be a friendly one. In a statement, 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. I appreciate the support of the Board and leadership team during my tenure and wish the company well in its next chapter. I’m confident Louie will lead the company with the focus and execution discipline this moment requires.”
Pastor steps into his new role as Xerox goes through several changes that happened under Bandrowczak’s leadership.
Xerox in December 2024 unveiled its planned $1.5-billion acquisition of Lexmark. That deal, which brought together two companies who acted both as rivals and partners, closed on July 1, 2025.
Xerox in October 2024 also unveiled the $400-million acquisition of ITsavvy, an Oak Brook, Ill.-based IT solution provider.
Xerox in January reported fiscal year 2025 revenue of $7.02 billion, up 12.9 percent year over year, and a GAAP net loss of $1.03 billion compared to the previous year’s loss of $1.32 billion.
However, on a pro forma basis, which includes the financials of Lexmark and ITsavvy as if they were part of Xerox at the time of Xerox’s prior year financial reporting, the company reported that revenue actually fell for the year by 7.6 percent.
Bandrowczak also oversaw Xerox’s February move to raise $450 million by entering into a joint venture with TPG, a San Francisco-based global alternative asset manager. Under terms of that agreement, TPG’s credit business, TPG Credit, and other investors raised $450 million which was given to Xerox for general corporate purposes including augmenting liquidity and to help with the integration of Lexmark and other purposes.
In return, certain Xerox subsidiaries assigned specific intellectual property assets to the joint venture in exchange for equity interests. Xerox retains the uninterrupted ability to use the Xerox name and trademark and other transferred intellectual property.
Pastor is also not the only recent major change in Xerox’s C-suite. The company on December 3 saw Chuck Butler take over as chief financial officer after the departure of Mirlanda Gecaj from that role.
Xerox stock has cratered over the last 12 months, trading at $1.30 on Monday with a total market cap of $167 million.
