Modi quits, Martin to be new chief of Xerox Modicorp

BANGALORE, September 3: B.K. Modi has resigned from the chairmanship of

Xerox Modicorp and handed over the company’s reins to Pat Martin of

Xerox Corporation. This move follows an agreement signed between Modicorp

and Xerox after the US firm decided to take controlling stakes in its

Indian ventures earlier this year.

Developing Market Operations (DMO) President Mr Martin would be

responsible for developing Xerox’s business in India and other emerging

markets. Mr. Martin has been unanimously appointed the chairman of Xerox

Modicorp while Mr Dilip Modi, son of BK Modi, has been appointed as

vice-chairman. H.N. (Prakash) Nanani continues as the Group Managing

Director for Xerox Business in India.

Modicorp and Xerox also announced that Modi Xerox Ltd. and Modi Xerox

Financial Services would soon merge, as announced by the two partners in

March this year. "The merger, which was initially announced in March

this year, was confirmed at the board meeting of the company held in

Stamford, US. The application for the mergers is being filed

shortly," said the company release. This merger will help optimize

resources and increase operational efficiencies. The company will focus on

information technology with the focus being on digital and networked

technologies and document solutions, said Mr Dilip Modi.