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- Departure of CEO (new) — The CEO departed and was replaced by the President and COO, signaling unexpected leadership transition.
Xerox appoints Louis J. Pastor as CEO, replacing Steven Bandrowczak effective March 31
Filed April 2, 2026 · Period ending March 27, 2026 · ~1 min read
Key Changes
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Louis J. Pastor, 41, promoted from President and COO to CEO effective March 31, 2026, replacing Steven Bandrowczak. Pastor has been with Xerox since 2018 in senior roles including chief legal officer and chief transformation officer, and was also appointed to the Board.
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Former CEO Bandrowczak departed with severance including prorated vesting of restricted stock units through March 2028. He agreed to 24-month non-compete and non-solicitation terms and will provide 90 days of transition advisory services through June 30, 2026.
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New CEO Pastor's compensation includes $900,000 base salary, target annual bonus of 150% of base ($1.35 million), and $6 million long-term incentive award in 2026. He retains change-in-control protections and severance eligibility from his prior role.
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Summary
Xerox executed a leadership transition on March 31, 2026, promoting insider Louis J. Pastor from President and COO to CEO. Pastor, 41, has been with the company since 2018 and previously served as chief legal officer and chief transformation officer, suggesting continuity in strategic direction.
The departure of Steven Bandrowczak as CEO was structured with typical severance terms including prorated equity vesting through 2028 and a 90-day transition period. Retail investors should note this represents unexpected CEO turnover at a company navigating ongoing business transformation.
While Pastor's promotion from within may provide operational continuity, the circumstances of Bandrowczak's departure were not disclosed. Pastor's compensation package totaling $900,000 in year one is competitive for a company of Xerox's size. Watch for the company's next earnings call or investor presentation where management will likely address strategic priorities under new leadership and provide context for the transition timing.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Xerox announced management changes via press release on March 30, 2026.
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On March 30, 2026, the Company issued a press release a nnoun cing the management changes described herein.
Xerox disclosed management changes through a press release dated March 30, 2026. The specific nature of the management changes is referenced in an attached exhibit (99.1) but not detailed in the 8-K body itself. This is a Regulation FD disclosure, meaning the information is being publicly released to ensure fair disclosure to all investors.
Event · Item 9.01 — Financial Statements and Exhibits
Xerox disclosed an offer letter to Louis J. Pastor and related employment agreements.
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Offer Letter, dated March 31, 2026, by and between Xerox Corporation and Louis J. Pastor
Xerox Corporation entered into an offer letter with Louis J. Pastor dated March 31, 2026. The filing includes this offer letter as an exhibit along with a form of general release and non-competition agreement, suggesting a new executive hire or significant employment arrangement. A press release dated March 30, 2026 was also filed, likely providing additional context about this personnel matter.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify