Xerox CEO: After successful spinoff, looking ahead to Trump
A massive 2017 product launch and a successful spinoff of Conduent put digital services giant Xerox in a good place to start the year, but some of the new administration's plans could pose a threat to multinational companies like it, CEO Jeff Jacobson said Wednesday.
"What's important to a business like ours that's a U.S.-based business competing globally is just that we're able to compete on an equal basis" in the countries where Xerox operates, Jacobson told CNBC's "Squawk on the Street."
President-elect Donald Trump has said that when he takes office, he will negotiate fair deals with trading partners to ensure a level playing field for U.S. businesses worldwide. Some fear his plans, which may include a tax on imports, will hurt U.S. companies and consumers.
Jacobson said that Xerox has nevertheless developed a three-year strategy to take the company to new heights. On Tuesday, Xerox completed a spinoff of its business services unit, Conduent, after which Xerox shares jumped nearly 20 percent.
"By separating, we really believe that we are unlocking the value for our shareholders, and hopefully yesterday was an early indication that the shareholders and the investor population [have] bought into our strategy. They understand this is not a 2017 strategy," Jacobson said.
Instead, it's a longer-term strategy, but Xerox does have something to be excited about in 2017, the CEO contended.
"We're coming out, in the middle of 2017, with the largest product launch in the history of Xerox. Twenty-nine new products. For a 110-year-old company, that's a pretty substantial statement to be able to make," Jacobson said.
According to Xerox's website, the launch will feature multifunction devices enhancing the company's "connected office portfolio," improving mobile printing and cloud connectivity. Other products at the launch will include technologies available for Xerox's resellers.
"We're targeting those growth areas in this market," Jacobson said. "And print today is not just about print on paper."