Dive Brief:
- Xerox named former HP CIO Naresh Shanker as senior vice president and chief technology officer, effective May 6, according to a company announcement.
- He will be responsible for R&D and "an increasingly digital information technology operation." At HP, Shanker moved the company to become a digital services business, with experience developing patented software that "enables high-volume, microtransactions from a digital storefront," according to the announcement.
- Shanker will have a place on Xerox's Executive Committee and report to Vice Chairman and CEO John Visentin. He is replacing Steve Hoover as CTO, who came into the role Jan. 1, 2017.
Dive Insight:
Xerox knows technology is a core piece of growing revenue. Improving IT and building its technology-focused leadership is one of the company's five pillars to drive revenue growth, according to its latest 10-K report.
One of the ways in which Xerox is "developing" its employees is by investing in processes and systems, highlighting the internet of things. The company is dedicating R&D to "miniaturizing" and cutting costs of IoT sensors using semiconductor and printing technologies.
Xerox is able to commit time and resources to innovation projects through its research centers, including the Palo Alto Research Center (PARC) in Silicon Valley. PARC provides the company solutions for big data analytics, intelligent sensing, computer vision, networking, printed electronics, energy, and digital design and manufacturing.
When Hoover joined as CTO, he was assigned to oversee PARC and Xerox's other global research centers for its product development and engineering capabilities.
Xerox's dedication to R&D and its engineers cost the company about $397 million in 2018, a decrease from the $424 million in 2017 and $463 million in 2016. The money goes to "sustaining engineering expenses" dedicated to hardware engineering and software development after a product is launched.
