Xerox Corp. XRX -2.12 % gave a name to the business-services company it plans to split off, saying it will be called Conduent Inc., while the remaining document-technology company will keep the company’s legacy name.
Xerox said the new business’s name is inspired by the company’s “expertise in connecting clients and their constituents through seamless transactions at massive scale.” It noted that the Conduent business had about $ 7 billion in revenue in 2015 and will have 96,000 employees world-wide.
The naming comes just days after Xerox tapped former iGate Corp. Chief Executive Ashok Vemuri to lead what will be Conduent. The split of the two companies is expected to happen later this year.
Xerox announced in January plans to break itself into two companies, reversing an effort by the century-old company to marry business services with its copiers and printers. Xerox plans to divide into separate publicly traded companies: one containing its document management businesses—Xerox—and another housing its services operations—Conduent.
The company continues to search for a new leader of its document-management businesses, which includes its traditional photocopiers.
Last month, Xerox said CEO Ursula Burns, who has run the company since 2009, will give up that title after the split and become chairman of the legacy hardware business. Ms. Burns, 57, has spent her entire career at the document company, working her way up from an internship in 1980 to become the first black woman to lead a Fortune 500 company.
Write to Nathan Becker at [email protected]