Xerox CFO to retire after 14 months in the role

Xerox Corp. XRX, +0.69% said Friday Chief Financial Officer Leslie Varon will retire after about 14 months in the role, and 36 years with the company. Varon will retire following the completion of Xerox's separation into two publicly-traded companies, Xerox and Conduent, on Dec. 31. The company named William Osbourn as CFO of Xerox when the separation is completed. Osbourn, who will join the company on Dec. 5, was previously co-CFO of Time Warner Cable Inc., and played a role in Time Warner Inc. TWX, +0.12% spinning off its cable business. Xerox stock was still inactive in premarket trade. It has lost 11% year to date, while the S&P 500 SPX, +0.13% has gained 7.2%.