Conduent Incorporated (NYSE: CNDT), a digital interactions company, today announced that Ashok Vemuri intends to step down as Chief Executive Officer and as a member of the Board of Directors. To ensure an orderly transition, Mr. Vemuri will continue in his current role as Chief Executive Officer and as a member of the Board of Directors until his successor is appointed, which the Board expects to occur during the third quarter of 2019.

The Conduent Board has initiated a search to identify the Company's next CEO and is considering internal and external candidates as part of the process. The search will be led by a special committee of the Board, consisting of Nicholas Graziano as Chair, Joie Gregor, Scott Letier and Virginia Wilson. The Board has retained an executive search firm to assist with the process.

William Parrett, Chairman of the Conduent Board, said, "Ashok has played an important role in helping transform Conduent's business in the time since the Company's inception and has positioned the Company for long-term profitable growth. Under his leadership, the Company has implemented a comprehensive cost-reduction program and is continuing to make key investments in technology and products as it pivots to growth. We thank Ashok for his contributions and appreciate his assistance in helping achieve a smooth transition."

Mr. Parrett continued, "We are focused on identifying a leader with the expertise and capabilities to leverage Conduent's unique strengths to enable the Company to achieve its next level of growth. Through our search process, we will focus on identifying a leader who shares our vision for the power of digital-interactions, can accelerate the pace of our progress and deliver enhanced shareholder value."

Mr. Vemuri said, "It has been my privilege, as CEO of Xerox Business Services to separate, and then to lead as the first CEO of Conduent. We have made enormous progress – standing up a public company, driving a significant transformation program in a relatively short period of time, laying the foundation to become a digital interactions company and resolving the legacy issues we inherited. I am proud of these achievements and want to thank the Board and all Conduent employees for their support during this important time in the Company's history. As Conduent enters its next phase and continues the pivot to growth, this is the right time to begin the transition to the next CEO. I look forward to continuing to work with my colleagues on the Board and the management team during this transition period to ensure the succession process is seamless."

In a separate announcement issued today, Conduent announced its results for the first quarter of fiscal year 2019.

About Conduent

Conduent creates digital platforms and services for businesses and governments to manage millions of interactions every day for those they serve. We are leveraging the power of cloud, mobile and IoT, combined with technologies such as automation, cognitive and blockchain to elevate every constituent interaction, driving modern digital experiences that are more efficient, helpful and satisfying.

Conduent's differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Whether it's digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning - Conduent serves a majority of the Fortune 100 companies and more than 500 government entities. Learn more at www.conduent.com.