ROCHESTER, NEW YORK,—  Xerox CEO Steve Bandrowczak has stepped down and has been replaced by the group’s COO. He has been replaced by COO Louie Pastor. Pastor joined Xerox in 2018, and prior to that was deputy general counsel at Icahn Enterprises, part of major Xerox shareholder Carl Icahn's business empire. He has held various senior roles at Xerox including chief administrative officer, chief transformation officer, chief corporate development officer, and chief legal officer. Louie brings a strong combination of operational discipline, strategic insight, and deep familiarity with Xerox. Throughout his time with the company, he has played a central role in advancing our strategy, strengthening our operating model, and driving enterprise-wide transformation. Xerox’s share price has taken a beating and is down 71% over the past year. It descended to a new 52-week low of $1.28 amid market jitters about Xerox’s restructuring and financial challenges. The $7.02bn sales group’s current market capitalization is $178m, and it has more than $4bn in obligations.