Xerox has been through some tumultuous times in recent weeks with questions over who will end up controlling the company. And with the recent announcement there will be a new CEO and several new board members, a retirees group is wondering what it will mean for their members.
David Coriale is president of the Association of Retired Xerox Employees, a national group which represents some Xerox retirees across the country. He says there are about 10,000 Xerox retirees in the Rochester area.
Coriale says that while retiree benefits have diminished over the years, there are still some retirees who do get benefits and they likely will have a lot of questions about those plans with the influence of shareholder activists Carl Icahn and Darwin Deason.
"They’re in it for the maximization of value to the shareholders, and the cost of those plans isn’t insignificant, probably 25 to 30 million dollars a year. That’s just money they can put in shareholder pockets.”
Coriale also notes that a local retirees group, the Xerox Pioneer Club recently indicated it may dissolve by next year.
“It’s to the point where most Xerox retiree organizations are decreasing in size and importance, because the retirees feel that the corporation has no interest in them at all.”
A Xerox spokesman says that while the new company leadership looks at options for Xerox, they can’t speculate on what will happen locally or worldwide. But he says Xerox remains financially sound and will continue to support its customers with best-in-class service and innovation.