The company promotes from within, but will this one last?
Will the third time be a charm? After its last two presidents and CEO’s left after short stints in that position, Lexmark has announced that its board of directors has unanimously selected Allen Waugerman as Lexmark president and CEO.
Waugerman has been with Lexmark since its inception in 1991 and has served in a variety of leadership roles, including leading the company on an interim basis during the CEO search. Since 2016 he has served as Lexmark senior vice president and chief technology officer.
According to a Lexmark press release, Waugerman was selected after an extensive search in which numerous highly qualified candidates were considered. He succeeds Rich Geruson, who left the company in November 2018 after being named to the position in October 2017. Geruson replaced David Reeder who left the company in June 2017 after being named president and CEO in November 2016 after succeeding long-time CEO Paul Rooke who left Lexmark after it was acquired by Apex Technology, now Ninestar Corp. Both Geruson and Reeder reportedly left for “personal reasons.”
“We are pleased to appoint Allen as Lexmark president and CEO,” said Mickey Kantor, chairman, Lexmark board of directors. “He brings strong leadership, integrity, deep knowledge of technology and a track record of commitment to Lexmark’s success, making him the right choice to lead the company toward continued global growth.”
“I am proud of Lexmark’s recent accomplishments, including the largest product launch in our history and the development of new solutions and services such as cloud-based as-a-service offerings,” said Waugerman. “I look forward to leveraging our strengths and proprietary technologies toward broad global growth strategies that will position Lexmark for success well into the future.”
Scott’s Upshot
If I were a betting man, and I’m not, I’d bet the house that Waugerman will last a lot longer than his two predecessors. Geruson and Reeder were both outsiders, and Waugerman with 28 years at Lexmark couldn’t be more of an insider. One would think he knows exactly what he’s getting himself into having worked under the new owners for three years now. But if this position doesn’t pan out and he’s the next in line to leave for “personal reasons,” we’re all going to have to take a big step back and seriously question the culture created by Ninestar Corporation and what that means for the future of Lexmark?
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