Jeff Jacobson, most recently seen as chief executive of Xerox, has joined private equity business Siris as an Executive Partner.
This is the company that is bidding to buy EFI in a $1.7 billion deal under its new CEO Bill Muir. While there is no mention of EFI in the announcement, it says that Jacobson “will collaborate with the firm’s investment team and executive partners to help evaluate potential investment opportunities for Siris as well as help oversee the operations of its portfolio companies”.
The Executive Partners are not employees of Siris, but provide their experience, advice and assistance to the Siris team and to direct strategic and identify operational improvements following an acquisition.
The statement from Siris explains that Jacobson will be involved in “identifying meaningful investment opportunities in industrial printing, packaging and adjacent ecosystems”. EFI has attracted the attention of Siris because of its combination of steady revenue from the Fiery and large format display and ceramics business and the greater potential from printing packaging and textiles.
Jacobson has been chief executive of Kodak Polychrome Graphics before becoming chief operating offset of Kodak's Graphic Communications Group. This led to the CEO, president and chairman role at Presstek before joining Xerox in 2012.
He became its CEO in 2016 before being ousted at the start of last year after the Carl Icahn led shareholder revolt that culminated in the appointment of John Visentin as CEO of Xerox.
Frank Baker, co-founder of Siris, has welcomed Jacobson to the company. "Jeff is a highly accomplished leader with a proven track record of identifying and driving operational and strategic improvements in industrial printing and technology businesses. We feel confident that Jeff will be a valuable addition to our Executive Partner team," he says.
By Gareth Ward