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Xerox

In this Business Report, a look at the recent numbers released by the Greater Rochester Association of Realtors, which shows a decline in sales of existing homes for the first quarter of the year, compared to a gain in sales we saw last year in the same quarter.

Also, a preview Xerox' earnings, which come out early Tuesday morning.

The WXXI Business report looks at business and economic issues facing the Rochester area including Western New York and the Finger Lakes.

Xerox Corporation

Xerox has announced what it says is the largest product launch in the 110 year history of the company.

The launch on Wednesday hosted by Xerox CEO Jeff  Jacobson and other company officials in New York City involves 29 printers and multi-function devices that look to take advantage of various software capabilities.

They revolve around ConnectKey, that is Xerox technology which helps the user move between various kinds of office equipment and documents.

Xerox on Wednesday is launching what it says is the biggest product introduction in its history, 29 new products. The company says they will include new software and apps, many of which were developed by engineers in the Rochester area.

Also, reviewing a recent study by the Brookings Institution on economic growth. The Metro Monitor report tracks the economic performance of the country’s largest metropolitan areas, and the Rochester area didn’t fare too well.

Randy Gorbman reports on the AIM-Photonics project in Rochester has decided on where their local headquarters will be. Also, Kodak is looking to sell their Prosper commercial inkjet business to a local company you may know. They’re called Xerox.

Xerox Corp.

The leader of Xerox Corporation was apparently on the short list of names being compiled for  Hillary Clinton earlier this year when she was considering candidates for vice president.

Xerox Chairman & CEO Ursula Burns was on a list of more than 30 names on an email dated last March. It was revealed by WikiLeaks, which indicates the email came from campaign manager John Podesta and was described as “a first cut of people worth considering.”

Xerox declined comment when asked by WXXI News about the email.

Xerox’s largest individual shareholder has filed a lawsuit that seeks to block the company from splitting into two separate businesses.

That according to the Wall Street Journal, which says that billionaire Darwin Deason has filed a lawsuit claiming that Xerox has violated an agreement it struck with him in 2009 when Xerox acquired his business, Affiliated Computer Services  (ACS).

Xerox has named a CEO for one of the two new businesses that will be created after the company splits into two parts.

Ashok Vemuri will be the CEO of the Business Process Outsourcing company. His resume includes serving as president and CEO of IGATE Corporation, a New Jersey-based global technology and services company. Before that, Vemuri spent 14 years at Infosys, a multinational consulting and IT services company in a variety of business development and leadership roles.

We begin the hour with a discussion about the news from Xerox this week: the company will split into two publicly-traded companies, one for Document Technology, the other for Business Process Outsourcing. Our guests:

Then, gas prices are among the lowest in history -- adjusted for inflation -- but is this necessarily a good thing? We explore proposals for a gas price floor of three dollars or four dollars and the possible impact on climate and infrastructure. Our guests:

cgr.org

Although there is a lot of concern among local employees and public officials about what the future may hold for area Xerox operations once the company is split in two, one expert says there sometimes can be a silver lining to the transformation of these large manufacturing companies.

Kent Gardner is chief economist at the Center for Governmental Research, or CGR, and spoke about the issue on Connections with Evan Dawson on WXXI on Friday.

For Rochester area Xerox employees, anxiety and uncertainty about the future are accompanying Friday morning's announcement that the company will divide into two independent publicly traded companies. 

As part of the move, CEO Ursula Burns also announced a three-year plan to save $2.4 billion across all segments.

RIT assistant professor of accounting, Dan Tessoni, says the clearest path to that goal is a reduced labor force.

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