FLORHAM PARK, N.J.,
May 8, 2019 /PRNewswire/
-- Conduent Incorporated (NYSE: CNDT), a digital interactions
company, today announced that Ashok
Vemuri intends to step down as Chief Executive Officer and
as a member of the Board of Directors. To ensure an orderly
transition, Mr. Vemuri will continue in his current role as Chief
Executive Officer and as a member of the Board of Directors until
his successor is appointed, which the Board expects to occur during
the third quarter of 2019.
The Conduent Board has initiated a search to identify the
Company's next CEO and is considering internal and external
candidates as part of the process. The search will be led by a
special committee of the Board, consisting of Nicholas Graziano as Chair, Joie Gregor, Scott
Letier and Virginia Wilson.
The Board has retained an executive search firm to assist with the
process.
William Parrett, Chairman of the
Conduent Board, said, "Ashok has played an important role in
helping transform Conduent's business in the time since the
Company's inception and has positioned the Company for long-term
profitable growth. Under his leadership, the Company has
implemented a comprehensive cost-reduction program and is
continuing to make key investments in technology and products as it
pivots to growth. We thank Ashok for his contributions and
appreciate his assistance in helping achieve a smooth
transition."
Mr. Parrett continued, "We are focused on identifying a leader
with the expertise and capabilities to leverage Conduent's unique
strengths to enable the Company to achieve its next level of
growth. Through our search process, we will focus on identifying a
leader who shares our vision for the power of digital-interactions,
can accelerate the pace of our progress and deliver enhanced
shareholder value."
Mr. Vemuri said, "It has been my privilege, as CEO of Xerox
Business Services to separate, and then to lead as the first CEO of
Conduent. We have made enormous progress – standing up a public
company, driving a significant transformation program in a
relatively short period of time, laying the foundation to become a
digital interactions company and resolving the legacy issues we
inherited. I am proud of these achievements and want to thank the
Board and all Conduent employees for their support during this
important time in the Company's history. As Conduent enters its
next phase and continues the pivot to growth, this is the right
time to begin the transition to the next CEO. I look forward to
continuing to work with my colleagues on the Board and the
management team during this transition period to ensure the
succession process is seamless."
In a separate announcement issued today, Conduent announced its
results for the first quarter of fiscal year 2019.
About Conduent
Conduent creates digital platforms and services for businesses
and governments to manage millions of interactions every day for
those they serve. We are leveraging the power of cloud, mobile and
IoT, combined with technologies such as automation, cognitive and
blockchain to elevate every constituent interaction, driving modern
digital experiences that are more efficient, helpful and
satisfying.
Conduent's differentiated offerings touch millions of lives
every day, including two-thirds of all insured patients in the U.S.
and nearly nine million people who travel through toll systems
daily. Whether it's digital payments, claims processing, benefit
administration, automated tolling, customer care or distributed
learning - Conduent serves a majority of the Fortune 100 companies
and more than 500 government entities. Learn more at
www.conduent.com.
Forward-Looking Statements
This press release may contain "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
The words "anticipate," "believe," "estimate," "expect," "intend,"
"will," "should" and similar expressions, as they relate to us, are
intended to identify forward looking statements. These statements
reflect management's current beliefs, assumptions and expectations
and are subject to a number of factors that could cause actual
results to differ materially.
Such factors include, but are not limited to: our ability to
identify and recruit potential CEO candidates; our ability to
successfully manage the leadership transition and the potential for
disruptions to our business from the transition; government
appropriations and termination rights contained in our government
contracts; our ability to renew commercial and government contracts
awarded through competitive bidding processes; our ability to
recover capital and other investments in connection with our
contracts; our ability to attract and retain necessary technical
personnel and qualified subcontractors; our ability to deliver on
our contractual obligations properly and on time; competitive
pressures; our significant indebtedness; changes in interest in
outsourced business process services; our ability to obtain
adequate pricing for our services and to improve our cost
structure; claims of infringement of third-party intellectual
property rights; the failure to comply with laws relating to
individually identifiable information and personal health
information and laws relating to processing certain financial
transactions, including payment card transactions and debit or
credit card transactions; breaches of our information systems or
security systems or any service interruptions; our ability to
estimate the scope of work or the costs of performance in our
contracts; our continuing emphasis on and shift toward
technology-led digital transactions; customer decision-making
cycles and lead time for customer commitments; our ability to
collect our receivables for unbilled services; a decline in
revenues from or a loss or failure of significant clients;
fluctuations in our non-recurring revenue; our failure to maintain
a satisfactory credit rating; our ability to attract and retain key
employees; increases in the cost of telephone and data services or
significant interruptions in such services; our failure to develop
new service offerings; our ability to modernize our information
technology infrastructure and consolidate data centers; our ability
to comply with data security standards; our ability to receive
dividends or other payments from our subsidiaries; changes in tax
and other laws and regulations; changes in government regulation
and economic, strategic, political and social conditions; changes
in U.S. GAAP or other applicable accounting policies; and other
factors that are set forth in the "Risk Factors" section, the
"Legal Proceedings" section, the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" section
and other sections of our 2018 Annual Report on Form 10-K filed
with the Securities and Exchange Commission and any current Report
on Form 8-K. Any forward-looking statements made by us in this
press release speak only as of the date on which they are made. We
are under no obligation to, and expressly disclaim any obligation
to, update or alter our forward-looking statements, whether as a
result of new information, subsequent events or otherwise.
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SOURCE Conduent Incorporated