January 20, 2018 10:22 AM ET

Technology Hardware, Storage and Peripherals

Company Overview of Lexmark International, Inc.

Company Overview

Lexmark International, Inc., together with its subsidiaries, operates as a developer, manufacturer, and supplier of printing, imaging, device management, managed print services (MPS), document workflow, and business process and content management solutions worldwide. It operates through two segments, Imaging Solutions and Services (ISS), and Enterprise Software. The ISS segment offers a portfolio of color and monochrome laser printers, laser multifunction products, and dot matrix printers, as well as various cartridges, service parts, and other supplies for use in the installed base of laser, inkjet, and dot matrix printers. It also provides maintenance, consulting, and systems integration s...

One Lexmark Centre Drive

740 West New Circle Road

Lexington, KY 40550

United States

Founded in 1990

14,000 Employees

Phone:

859-232-2000

Key Executives for Lexmark International, Inc.

CEO & President
Age: 59
CFO & Senior VP
Executive Vice President and President of Imaging Solutions & Services
Age: 53
Vice President and President of Enterprise Software
Age: 65
Senior Vice President, General Counsel and Secretary
Age: 55
Compensation as of Fiscal Year 2017.

Lexmark International, Inc. Key Developments

Lexmark Names Announces Management Changes

Lexmark International, Inc. announced that its board of directors has unanimously selected Richard (Rich) Geruson as Lexmark president and chief executive officer, effective October 23, 2017. Geruson will also serve on the Lexmark board of directors. Geruson spent the last six years as chief executive officer and president of Phoenix Technologies. Prior to that, he was chief executive officer of Voice Signal. He succeeds David Reeder, who left the company in June. In the interim, Lexmark was led by a management team consisting of Brock Saladin, senior vice president and chief revenue officer, and Allen Waugerman, senior vice president and chief technology officer. Saladin and Waugerman will remain key members of the Lexmark executive leadership team in their current roles, reporting to Geruson.

Glancy Prongay & Murray LLP Files Securities Class Action Against Lexmark International, Inc

Glancy Prongay & Murray LLP announces that a class action lawsuit has been filed on behalf of investors who purchased Lexmark International, Inc. securities between August 1, 2014 and July 20, 2015, inclusive. Lexmark investors have until September 19, 2017 to file a lead plaintiff motion. The complaint filed in this class action alleges that throughout the Class Period, Lexmark made materially false and/or misleading statements, and/or failed to disclose, that; end-user demand and growth for the Company's supplies business was deteriorating; pricing increases were the primary driver of supplies revenue growth, not end-user demand; customers in the supplies channel reacted by buying ahead of anticipated pricing increases; and that as a result, there were excessive inventory levels at its European wholesale distributors. On July 21, 2015, Lexmark reported poor results for its second quarter ending June 30, 2015 and lowered its 2015 sales guidance. The Company revealed its supplies growth was not attributable to end-user demand but rather the result of its European customers buying ahead of customary price increases which produced excessive inventory. On this news, shares of Lexmark dropped in value considerably, thereby damaging investors.

Lexmark Announces 700 Layoffs Worldwide over 2018

Lexmark announced that it is running a worldwide restructuring program that will result in 700 of its 10,000 worldwide employees being laid off over the 2018. The company said that the action will work to align company talent with its strategy to ensure future success.

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