Xerox Holdings Corporation and Xerox Corporation Form 8-K Summary
Business Context and Reporting Period
Form 8-K dated December 10, 2020, with the report signed December 11, 2020. The filing reports the appointment of Xavier Heiss as Executive Vice President and Chief Financial Officer of Xerox Holdings Corporation and Xerox Corporation, effective January 1, 2021.
Financial and Compensation Information
- The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating-financial results.
- Effective January 1, 2021, Mr. Heiss’s annual cash base salary increases by $50,000 to $500,000.
- His annual cash target bonus increases by $50,000 to $500,000.
- His annual long-term incentive target award increases by $900,000 to $2.0 million.
- Total target 2021 compensation comprises a $500,000 base salary, $500,000 target bonus, and $2.0 million equity target award.
Material Changes and Management Commentary
Mr. Heiss has served as interim CFO since September 30, 2020, following the resignation of former CFO William F. Osbourn, Jr. He has been employed by Xerox for 32 years and previously held finance, business transformation, sales, controller, financial planning and analysis, shared-services, and EMEA operations leadership roles.
The filing contains no earnings guidance, business outlook, operating forecast, material contingency, or unusual financial item.
Key Facts for Investor Verification
- Verify the January 1, 2021 effective date of Mr. Heiss’s permanent CFO appointment.
- Review Exhibit 99.1, the Xerox press release announcing the appointment.
- Confirm the disclosed 2021 target compensation amounts and whether actual compensation may differ based on performance or equity-award terms.
- Consider the transition from the former CFO, who resigned in September 2020, and the continuity provided by Mr. Heiss’s interim CFO service.