Lexmark Names Internal Candidate As CEO And President

‘With Lexmark, I always kind of like someone who has been around during some of their success, internally,’ one longtime partner told CRN. ‘He’s a technology guy. I think that’s a good move, hopefully.’

Lexmark said Tuesday that it named Allen Waugerman, an engineer with a background in R&D who has been with the company since 1991, as its new president and CEO.

“With Lexmark, I always kind of like someone who has been around during some of their success internally,” said one longtime partner who said he was happy with the move. “He’s a technology guy. I think that’s a good move, hopefully.”

Lexington, Ky.-based Lexmark lost its third CEO in two years after Rich Geruson stepped aside suddenly for “personal reasons” after just 14 months on the job in November. During his nearly 30 years with the company, Waugerman has climbed the ranks inside Lexmark from product engineer to chief technology officer.

"I am proud of Lexmark's recent accomplishments, including the largest product launch in our history and the development of new solutions and services such as cloud-based as-a-service offerings," Waugerman said in a statement. "I look forward to leveraging our strengths and proprietary technologies toward broad global growth strategies that will position Lexmark for success well into the future."

After the upheaval caused by CEOs leaving in quick succession, one source told CRN that the company was looking for a candidate that planned to stick around, and was carefully vetting candidates based on that criteria. Waugerman was himself on the search committee that the company formed in the wake of Geruson’s departure.

“I’m thinking that’s why they went internal,” one partner said. “This guy’s been here since 1991. He lives there. He’s not going anywhere.”

Waugerman has many ties to the Lexington community, according to a statement. Waugerman holds a bachelor's degree in electrical engineering from the University of Kentucky. He is a Dean's Advisory Council member for the University of Kentucky College of Engineering and serves on the board of the YMCA of Central Kentucky.

“I’m happy about this move,” the partner said. “I’m never a fan when they bring someone in from the outside. The last two guys, I could tell they were short termers from the get go. I heard Geruson speak one time at an event. He didn’t seem interested.”

It has been a tumultuous two years at Lexmark, with the company being taken private in November 2016 when it was bought by Apex Technology and PAG Asia Capital. When that happened former CEO Paul Rooke – who had been with Lexmark for 25 years – stepped down and David Reeder was named CEO. He left in June 2017 – also citing personal reasons in a press release -- and four months later Geruson took over. . Geruson - a 38-year technology veteran, resigned Nov. 20 citing “personal reasons,” according to a statement. This was Geruson’s third stint as a CEO. He held the corner office at Phoenix Technologies for six years between 2011 and 2017, and at VoiceSignal in Woburn, Mass. for four years between 2003 and 2007

“They just need to get some stability,” the partner said. “They have some good stuff to be honest with you. They just have to get something wrapped around their services.”