Fernandez Succeeds Mike Salvino, who is
Stepping Down as Chairman, President and CEO Effective
Immediately
David Herzog Appointed Chairman of the
Board
DXC Reaffirms Q3 Guidance and Fiscal 2024
Free Cash Flow Guidance
ASHBURN,
Va., Dec. 20, 2023 /PRNewswire/ - DXC
Technology (NYSE: DXC), a leading Fortune 500 global technology
services company, today announced that the Company's Board of
Directors has named Board member Raul Fernandez Interim President
and Chief Executive Officer, effective immediately. Fernandez
brings a wealth of executive and operational experience in the
technology and investment sectors to the position. He has served as
CEO of several companies including Proxicom, which he founded,
Dimension Data North America and ObjectVideo.
Fernandez succeeds Mike Salvino,
who served as DXC President and CEO since 2019 and as Chairman
since 2022 and provided leadership for a significant restructuring
of the Company's operations and balance sheet. In mutual agreement
with the Board, he will transition from his role as Chairman of the
Board, effective immediately, and will remain in an advisory role
until March 31, 2024 to help ensure a
seamless transition.
Additionally, DXC Lead Independent Director David Herzog has been named Chairman of the
Board, to work closely with Fernandez during this time. The Board
will conduct a search for a successor CEO, which will include
internal and external candidates.
"Raul is an accomplished and transformational leader in the
technology sector and beyond," said Herzog. "His proven track
record of building and leading strong, innovative businesses for
the long-term will serve our customers, team members and investors
well. We are incredibly fortunate to have an executive of his
caliber, in partnership with our exceptional management team, to
lead DXC during this time.
"We want to thank Mike for guiding DXC through its
transformation journey the past four years," Herzog continued. "He
helped stabilize the business and put the Company on a path for
growth, overseeing a meaningful restructuring of the operations and
balance sheet, while launching our offering-led operating model and
building a world-class leadership team. We are grateful that he
will continue to serve as an advisor for the next several months
and look forward to his continued support during the
transition."
"DXC is an industry leader beginning to make strong progress on
a path of sustainable growth, and I'm excited and honored to be
stepping into this role at such an important moment," said
Fernandez. "We are intensely focused on executing on our strategy
to drive revenue growth and expanded margins, while continuing to
create value for our customers and shareholders. The incredibly
talented team we have assembled will not miss a beat during this
transition. I am looking forward to continuing to work closely with
David, the board and our extraordinary team of 131,000 employees as
we execute on the next stage of our growth journey."
"It has been a privilege to serve as CEO for the last four years
as we undertook a significant transformation journey at DXC," said
Salvino. "We achieved our goal of bringing stability to the
business by cementing our financial foundation and assembling the
right senior management team needed to drive better performance and
deliver on the company's strategic objectives moving forward. Raul
and David are perfect leaders to oversee DXC into its next phase
and continue its strong track record of forging trusted client
relationships and creating an environment to grow and develop
talent. I wish them and the team continued success."
In addition to the Board and executive appointments announced
today, DXC affirmed its previously issued financial guidance for
the fiscal third quarter. DXC also confirmed its previously issued
fiscal 2024 free cash flow guidance of $800
million. This guidance does not include the impact of
amounts due to Salvino under his existing employment agreement in
connection with his departure. DXC Chief Financial Officer
Rob Del Bene and Raul Fernandez will discuss the Company's fiscal
third quarter results in its next earnings call on February 1, 2024.
About Raul
Fernandez
Fernandez, who has been a DXC Board member since 2020, currently
serves as Vice Chairman and co-owner of Monumental Sports &
Entertainment, a private partnership that owns some of Washington DC's major sports franchise,
including the NHL's Washington Capitals, the WNBA's Washington
Mystics, and the NBA's Washington Wizards. The partnership also
owns Monumental Sports Network, a first-of-its-kind regional sports
network for digital, mobile and over-the-top (OTT) platforms.
He also currently serves as a director of Broadcom, Inc., an
Alternative Governor for the NBA Board of Governors, a Special
Advisor to Carrick Capital Partners, a member of the Strategic
Advisory Board of Volition Capital, and a director to several
private companies.
He has overseen a number of technology-focused companies during
the course of his career, including Proxicom, which he founded and
helped grow into a prominent global provider of e-commerce
solutions to Fortune 500 companies, eventually taking it public. He
later served as CEO of Dimension Data North America, an information
systems integration company, and then was Chairman and CEO of
ObjectVideo, a leading developer of intelligent video surveillance
software, prior to its sale to Alarm.com in 2017. He also
previously served as a director of GameStop, Corp., Kate Spade & Co and Capitol Investment Corp.
V and as a member of the President's Council of Advisors on Science
and Technology.
About David Herzog
Herzog, who has been a DXC Board member since 2017, has held a
number of senior executive positions over the course of his career.
He most recently served as chief financial officer and executive
vice president of American Internal Group (AIG) after holding
several other leadership positions at the company. He is also a
member of the Board of Directors at MetLife Inc. and is Chairperson
of the Audit Committee.
Forward Looking
Statements
All statements in this press release that do not directly and
exclusively relate to historical facts constitute "forward-looking
statements." These statements represent current expectations and
beliefs, and no assurance can be given that the results described
in such statements will be achieved. Such statements are subject to
numerous assumptions, risks, uncertainties, and other factors that
could cause actual results to differ materially from those
described in such statements, many of which are outside of our
control. For a written description of these factors, see the
section titled "Risk Factors" in DXC's Annual Report on Form 10-K
for the fiscal year ended March 31,
2023, DXC's Quarterly Reports on Form 10-Q for the quarterly
periods ended June 30, 2023 and
September 30, 2023, and any updating
information in subsequent SEC filings. No assurance can be given
that any goal or plan set forth in any forward-looking statement
can or will be achieved, and readers are cautioned not to place
undue reliance on such statements which speak only as of the date
they are made. We do not undertake any obligation to update or
release any revisions to any forward-looking statement or to report
any events or circumstances after the date of this press release or
to reflect the occurrence of unanticipated events except as
required by law.
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their
mission-critical systems and operations while modernizing IT,
optimizing data architectures, and ensuring security and
scalability across public, private, and hybrid clouds. The world's
largest companies and public sector organizations trust DXC to
deploy services to drive new levels of performance,
competitiveness, and customer experience across their IT estates.
Learn more about how we deliver excellence for our customers and
colleagues at DXC.com.
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SOURCE DXC Technology Company