NEW YORK (TheStreet) -- Xerox (XRX) fell Monday amid the company's announcement that Lynn Blodgett would step down as president at the end of 2014. Robert Zapfel, a 35-year veteran of IBM (IBM), will succeed Blodgett and will report to chairman and CEO Ursula Burns as an executive vice president.
Blodgett will remain with the company as an executive vice president.
The stock dipped to a one-day low of $10.74 in the wake of the news.
"Bob Zapfel brings to Xerox extensive experience in global services with an emphasis on transforming complex operations to customer focused, profitable and sustaining businesses," Burns said in a statement. "His deep industry knowledge will help drive Xerox Services' Five-Plank Strategy to increase customer value and improve our competitiveness and margins."
"I'm encouraged by the company's strategy to build sustainable value for all its stakeholders. In a very short time, Xerox has built a great collection of services assets and market leading positions in attractive areas, with a strong base of clients," Zapfel said in a statement. "It's a thrill to be part of this historic and strategic change and to be given an opportunity to join this strong institution that pushes itself to make its clients more competitive and successful."
Brean Capital calls Monday's sell-off a buying opportunity because of Zapfel's background at IBM. The firm reiterated its "buy" rating and set a $13 target price.