‘I look forward to working closely with the Conduent team to leverage the company’s unique strengths, accelerate the pace of our growth and deliver long-term value for our clients, shareholders and employees,’ says new Conduent CEO Harsha V. Agadi.
Solution provider Conduent said Friday that it replaced current CEO Cliff Skelton with its board chairman, three months after a restructuring that saw one of its top executives forced out.
The company has been dealing with declining revenue and a net loss in its most recent quarter as well as a stock price that’s plunged nearly 60 percent over the past 12 months
The Florham Park, New Jersey-based company said that its board chairman, Harsha V. Agadi, would pick up the job as CEO. Skelton has held the position since 2019 and is stepping down effectively immediately, Conduent said.
Conduent’s stock price has declined nearly 60 percent over the past 12 months to $1.72 per share. Shares dropped more than 14 percent on Monday with the larger stock market rout. The company in November said that its third-quarter revenue dropped 5 percent to $767 million. Conduent also reported a net loss of $46 million, compared to net income of $123 million a year earlier.
Last October, Conduent said that Michael McDaniel, executive vice president of commercial solutions, was terminated “in connection with an elimination of a management layer and associated restructuring of roles and responsibilities.” McDaniel started a new job at Kyndryl this month.
Since joining Conduent’s board last year, Agadi (pictured above) said he’s gained a deep appreciation for the company’s strengths and potential.
“Since joining the Conduent board last year, I have been impressed by the company’s long-term client relationships, its cutting-edge technologies that propel digital interactions and the management team’s dedication to innovation and excellence,” Agadi said in a statement. “I am honored to take on this role and grateful for the trust of my fellow board members. I also want to thank Cliff for his leadership and contributions over the past six years. I look forward to working closely with the Conduent team to leverage the company’s unique strengths, accelerate the pace of our growth and deliver long-term value for our clients, shareholders and employees.”
[Related: Conduent Executives: AI Is Everywhere, But ROI Is What Matters Most]
Agadi brings more than 35 years of executive leadership and corporate governance experience across both public and private companies. Over the past 25 years, he has served as CEO of six companies and held senior leadership roles at Fortune 50 organizations. His board experience includes roles at Belmond Ltd. and Crawford and Company, where he chaired multiple committees as well as several charitable boards. He is currently chairman of GHS Holdings LLC, and non-executive chairman of the board at Flotek Industries, an investing and restaurant consulting business. He has previously served as executive chairman of Quiznos; chairman and CEO of Friendly’s Ice Cream; and president and CEO of Church’s Chicken.
Conduent, No. 29 on CRN’s 2025 Solution Provider 500 list, did not respond to a request for comment about Skelton’s departure.
In a prepared statement, Skelton said the timing is right for new leadership to guide the company through its next phase.
“Leading Conduent has been a privilege,” Skelton said in a statement. “With the company well-positioned for the future, this is the right time to begin the transition to a new CEO with the requisite skills and experience to lead the company through its next phase of development. I want to thank the entire board and my Conduent colleagues for their support over the past several years.”
With the CEO title, Agadi is stepping out of his board chair role. Margarita Paláu-Hernández has been appointed as independent chair.
“I am grateful to the board for their trust in appointing me independent chair,” she said in a statement. “[I] have great confidence in Harsha’s leadership to drive Conduent forward.”
