President, CEO of Lexmark resigns

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LEXINGTON, Ky. (WKYT) -- Rich Geruson has decided to resign from his positions as president, CEO, and director of Lexmark for personal reasons, effective immediately.

Lexmark International, Inc., made the announcement Tuesday.

"On behalf of the Lexmark team, I would like to thank Rich and wish him and his family well," said Mickey Kantor, chairman of the board of directors.

A search for his replacement is underway.

In the meantime, Lexmark will be led by an executive management committee consisting of Allen Waugerman, senior vice president and chief technology officer; Brent Lambert, senior vice president, chief legal officer and secretary; and Vivian Liu, senior vice president and chief financial officer.

"The board of directors, the company's investors and the entire Lexmark organization remain singularly focused on profitably growing our business and continuing to deliver world-class, industry-leading products and services to our customers," said Kantor. "We continue to be very confident about the long-term success of Lexmark."

Geruson was named to his position in October of 2017.

In April of 2016, Lexmark entered into a definitive merger agreement with a consortium of Chinese investors.

As of 2018, Lexmark is the 13th largest regional employer in central Kentucky with 1,500 employees. The company is also the 9th largest employer in Fayette County, according to Commerce Lexington.

Earlier this year, Lexmark announced it was laying off about 1,000 positions as part of a worldwide restructuring plan.

Back in 2007, Lexmark had 3,130 full-time employees in Lexington. That made it one of Kentucky's top 20 technology companies, according to The Lane Report.