Dive Brief:

• Xerox Holdings said Wednesday that Chuck Butler, its chief business services officer, will be taking over the company’s finance department after just five months in his current role.
• Butler, 51, will succeed Mirlanda Gecaj effective Dec. 3, Xerox said. Gecaj, who became CFO in February, is leaving to pursue new opportunities as part of a “mutual decision” with the company, according to a press release.
• “Mirlanda has played a meaningful role in guiding the company through an important period of transformation,” Xerox CEO Steve Bandrowczak said in the release. “On behalf of the Board and leadership team, I thank her for her leadership and contributions and wish her the very best in the future.”

Dive Insight:

The announcement comes amid a major reorganization at the Norwalk, Connecticut-based manufacturer of printers and other information technology products. It also follows a mixed earnings report from the company last month.

Xerox posted $1.96 billion gain in revenue for its third quarter ended Sept. 30, a 28.3% increase compared with a year earlier. But the company said its revenue declined 7.8% on a “pro forma” basis, excluding the impact of recent acquisitions.

“The third quarter reflected a continuation of the uncertain macro environment we saw earlier in the year,” Gecaj said during an earnings call at the time. “Despite these near-term challenges, we continue to execute with discipline and are making meaningful progress on cost savings.”

Last month, the company launched job cuts resulting from its $1.5 billion acquisition of imaging technology supplier Lexmark, Xerox spokesperson Justin Capella said in an email, confirming earlier news reports.

“Xerox can confirm that following the successful completion of the Lexmark acquisition, last month the company began employee notifications of a workforce reduction as part of its broader effort to integrate and merge the two companies’ operations,” Capella said. “These are difficult, but necessary decisions as we work to integrate our teams and optimize resources for long-term success under the new organization.”

The company declined to disclose specifics about affected employees. 

Prior to joining Xerox, Butler served as CFO at Lexmark, where he helped guide the company through its acquisition by Xerox, according to the Wednesday release. He will retain leadership of Xerox’s global business services organization, the company said.

“Chuck’s experience leading large-scale organizational change and his focus on empowering teams will be invaluable in advancing our next phase of growth and performance,” Bandrowczak said in the release.