Reinvention built on milestones that force momentum

Reinvention gains credibility when leadership commits to visible decisions that reshape structure, portfolio, and accountability. The Xerox roadmap reflects that logic through a clear sequence of milestones. Steve Bandrowczak is appointed CEO in August 2022, and Xerox completes its reinvention design in February 2023. Partner engagement becomes an early mechanism for scale through a Partner Summit in June 2023, and Xerox elevates reinvention to an enterprise commitment when it announces the program during third quarter earnings in October 2023. Governance strengthens as Xerox welcomes six new members to the Xerox Board in May 2024, reinforcing that reinvention sits at the center of leadership oversight rather than at the edge of operations.

Portfolio actions align with integration discipline rather than incremental experimentation. Xerox acquires ITsavvy in November 2024 and completes the ITsavvy integration in the first quarter of 2025. Xerox announces an agreement to acquire Lexmark in December 2024, secures financing in the second quarter of 2025, and completes the Lexmark acquisition in July 2025. The reinvention arc continues through partnerships and product momentum, including a Kyocera partnership announced in September 2025 for a cut sheet inkjet offering, new Proficio digital presses revealed in October 2025, and a cybersecurity solution for small and medium businesses launched through XITS in December 2025. Capital and portfolio choices also reinforce structural focus through expansion of a Financial Services program, a share repurchase from Icahn and affiliates in September 2023, and divestitures that include PARC, XRCC, and Elem.

A strategy that protects the core and funds reinvention

A mature business sustains transformation when it strengthens the core while creating investment capacity for the next curve. Xerox defines that balance directly. The plan centers on fundamentally and structurally redesigning Xerox for long term profitable and sustainable growth while pairing the office and production print core business with a services led and software enabled growth business. Structural simplification supports self funding, and investment priorities focus on research and development and capital expenditure to fuel growth while Xerox redesigns and evolves brand strength.

Market reality shapes the operating choices. The presentation sizes the print technology market at 52.6 billion dollars and notes a negative three percent compound annual growth rate, then shifts attention to segment level opportunities where targeted expansion remains attractive. Xerox positions its print strategy as holding leadership and expanding in targeted growth segments, supported by updated total addressable markets and growth rates based on June 2024 estimates of total revenue. Market size figures reflect 2025, and growth rates reflect 2023 to 2027 compound annual growth rates. This segmentation reinforces a disciplined view that value concentrates differently across printers, A4 multifunction devices, A3 multifunction devices, and production categories even when headline growth declines.

Lexmark and ITsavvy as mix shift levers

Portfolio reinvention works when acquisitions change exposure to growth and increase strategic optionality. Xerox positions the Lexmark transaction as strategic and financial, with the acquisition immediately improving pro forma exposure to the A4 color print category that is expected to grow through 2027. The analysis is presented as internal Xerox work leveraging third party sources, and it reflects market sizes and growth rates for current Xerox territories only. The production market definition in the analysis includes high end cut sheet, continuous feed, and production color markets.

ITsavvy expands the reinvention scope beyond print and into technology infrastructure solutions. The presentation frames Xerox and ITsavvy as a revenue diversification and mix shift move tied to an 8 billion dollar total addressable market and an eight percent compound annual growth rate. ITsavvy brings a strong leadership team with history and relationships across OEMs, solution providers, and clients, and Xerox positions the combined capabilities around four infrastructure solution areas that include cloud and hosting, network and security, collaboration, and hybrid workforce.

Strategic partner reach is reinforced through top tier infrastructure solution vendors that include Microsoft, Dell, Lenovo, HP, HPE, Cisco, Juniper Networks, Veeam, and Fortinet.

Service scope includes the following offerings, supported across small and mid market, SLED, federal, enterprise, and geographies that include the United States, Canada, and the UK.

• Help desk
• AI Ops enabled network operations center
• Cybersecurity
• Staff augmentation
• Network and wireless infrastructure
• Device as a service
• Workforce enablement
• Data center transformation

Digital services that convert documents into enterprise velocity

Digital transformation becomes tangible when it targets the friction that slows decisions and work. The presentation frames unstructured data as underutilized value and describes documents as a reservoir of critical business information that remains difficult to unlock, use, or share due to legacy systems and manual processes. Xerox cites IDC estimates to quantify the problem and make the case for reinvention. Up to 90 percent of the data created by enterprises is unstructured. Less than 50 percent of unstructured data is shared among employees or systems. Twenty two percent of unstructured data is unnecessarily replicated because organizations do not know what data they have or how to find it. Forty percent of unstructured data is still processed manually, with employees reviewing it to extract value. The presentation characterizes these outcomes as both digital and paper landfills that trap information and inflate cost.

Xerox positions its Digital Services as a pathway from content to action. The model begins with unstructured content, advances through data and knowledge extraction, and integrates outputs into business systems to drive faster processes. The flow is presented as AI powered, and the value proposition centers on seamless client access to key capabilities and solutions rather than isolated automation.

Execution discipline that scales change

Transformation initiatives fail when they remain fragmented, under governed, and difficult to measure. Xerox describes reinvention as an enterprise wide program structured into approximately 30 workstreams, more than 20 sub workstreams, and between 100 and 1000 initiatives. Initiatives break into milestones tied to measurable impacts, and the Enterprise Transformation Office facilitates and drives the program as a permanent capability. The execution system includes a robust methodology, an Office of Change Management, and an initiative tracker that serves as a single source of truth. Governance and accountabilities are explicit, and more than 1000 Xerox team members are activated to accelerate change and embed a culture of continuous improvement.

This approach treats reinvention as a management capability rather than as a campaign. Workstreams create coherence across functions, the single source of truth reduces ambiguity and drift, and governance turns ambition into enforceable commitments that persist across quarters.

AI powered reinvention with commercial intent

AI strategy creates enterprise value when it targets work redesign, measurable returns, and accountable ownership. Xerox articulates a clear vision. The company targets 50 to 70 percent of work performed, optimized, or executed by AI agents by 2027, while productizing agentic capabilities as commercial offerings for clients and partners. The presentation describes a transformative future where AI agents integrate with humans across all functions to drive efficiency, innovation, and competitive edge, keeping Xerox at the forefront of technological advancement. Xerox frames AI agents as collaborators capable of learning, reasoning, adapting, and making informed data driven decisions, anchored by the operating principle that humans lead and agents execute. The Xerox AI Vision white paper is presented as available for use with clients and partners.

Operating design reinforces the ambition. A new operating model for work is defined by collaboration between humans and AI agents, and the workforce evolves into a multi agent hierarchy with supervisory, functional, and task agents coordinating within and across domains. Xerox prioritizes high ROI initiatives with defined business cases and KPIs to ensure accountability and financial returns in year one and beyond. The AI strategy aligns directly to reinvention objectives that include cost efficiency, operational excellence, and new revenue streams, and executive leadership is accountable for AI strategy, adoption, and cost savings within each function. Governance ensures alignment with cost out targets and business priorities.

Partners as a reinvention multiplier

Scale accelerates when partner ecosystems grow alongside the core business. Xerox presents the Partner Value Proposition as breadth of portfolio and a path for partners to expand and differentiate in a changing marketplace, supporting mutually sustainable growth. Data driven insights and real time feedback provide the mechanism for listening to partners, evaluating performance, and making changes that enable faster pivots toward success. Investments focus on raising awareness and realizing potential across products and offerings, innovation and new partnerships, improved experiences and brand reputation, and events.

Reinvention holds together when each element reinforces the others. Core business strength funds investment. Portfolio actions improve exposure to growth and expand solution scope. Program execution translates strategy into measurable milestones. AI turns into a work redesign system with governance and commercial pathways. At New York Technology Innovation, Tony Tufano presents Xerox reinvention as a disciplined operating model that moves the company from paper to pixels through innovation and intelligence, with outcomes that remain accountable, scalable, and built to endure.