Conduent Taps Veteran CEO to Steer Turnaround and Spark Growth

FLORHAM PARK, NJ – January 16, 2026 – Conduent Incorporated (Nasdaq: CNDT) executed a significant leadership overhaul today, appointing its board chairman, Harsha V. Agadi, as the new Chief Executive Officer in a move aimed at accelerating growth and reviving investor confidence. The change is effective immediately.

Mr. Agadi, a seasoned executive with six prior CEO roles, succeeds Cliff Skelton, who has stepped down as President, CEO, and a member of the board after a six-year tenure marked by a deep strategic restructuring. In a concurrent move designed to bolster corporate governance, board member Margarita Paláu-Hernández has been elevated to the position of independent Chair of the Board, a role Agadi vacates.

This decisive shake-up comes at a critical juncture for the technology-driven business solutions provider. Despite a multi-year effort to streamline its portfolio and focus on technology-led services, Conduent has struggled with declining revenues and a languishing stock price, setting the stage for a new leader to pivot from restructuring to robust growth.

A Company at a Crossroads

The leadership transition follows a challenging period for Conduent. Under the outgoing CEO Cliff Skelton, the company embarked on an aggressive portfolio rationalization strategy, divesting several non-core business units to create what he termed a "leaner and smaller" company. Major sales in 2024 included its BenefitWallet, Curbside Management, and Public Safety solutions, which generated significant cash and allowed the company to slash its debt by 50%.

However, these divestitures also contributed to a steady decline in top-line revenue. In the third quarter of 2025, Conduent reported adjusted revenue of $767 million, a 1.8% decrease year-over-year. This followed a full-year 2024 revenue of $3.356 billion, down from $3.722 billion in 2023. While the company has shown some success in improving profitability—with Q3 2025 Adjusted EBITDA rising 25% year-over-year to $40 million—the overarching narrative has been one of contraction.

The market's reaction has been one of significant skepticism. Leading up to the announcement, Conduent's stock was trading near its 52-week low of $1.72, having fallen 26% over the previous 120 days. Analysts have pointed to the company’s low price-to-sales multiple of just 0.25x as a sign of deep market distress and concern about future revenue growth. It is this environment of operational progress mixed with market pessimism that Mr. Agadi now inherits.

“I look forward to working closely with the Conduent team to leverage the company’s unique strengths, accelerate the pace of our growth, and deliver long-term value for our clients, shareholders, and employees,” Mr. Agadi stated, acknowledging the task ahead.

A Seasoned Hand at the Helm

In turning to Harsha Agadi, the Conduent board has opted for a seasoned executive with a deep and varied background in corporate leadership. With over 35 years of experience, including senior roles at Fortune 50 companies and CEO positions at six different firms, Agadi is viewed as a turnaround specialist. He is currently the Chairman of private equity firm GHS Holdings, LLC, and the non-executive Chairman of Flotek Industries, Inc.

Having joined Conduent's board in 2025 and serving as its Chairman, Agadi is not an outsider. He has had a front-row seat to the company's challenges and opportunities, previously leading its Audit Committee. His transition from chairman to CEO is a classic boardroom maneuver to install a leader with the perceived mandate and hands-on capability to enact rapid change and drive operational execution.

Analysts see the move as a "tactical pivot," giving Agadi a "clean slate" to address the company's performance. His immediate challenge will be to translate Conduent’s strategic realignment into tangible financial results, primarily by expanding the adjusted EBITDA margin from its current 5.2% toward the company's full-year exit rate target of near 8%.

Bolstering Governance from the Top

Just as critical as the new CEO appointment is the elevation of Margarita Paláu-Hernández to independent Chair of the Board. This move separates the CEO and Chair roles, a structure widely favored by corporate governance experts and institutional investors for enhancing board oversight and accountability.

Ms. Paláu-Hernández brings a formidable governance resume. She is the Founder and CEO of Hernández Ventures and, notably, serves on the board of Icahn Enterprises L.P., the diversified holding company controlled by activist investor Carl Icahn. Her experience within an Icahn-led organization suggests a deep familiarity with a governance philosophy that prioritizes shareholder value, operational efficiency, and a willingness to rigorously challenge management to improve performance.

Her extensive board experience also includes roles at Xerox Holdings Corporation, Occidental Petroleum, and Herbalife Nutrition. This background signals that Conduent's board, under her leadership, is likely to adopt a more active and results-oriented oversight posture. “I am grateful to the Board for their trust in appointing me independent Chair, and have great confidence in Harsha’s leadership to drive Conduent forward,” Ms. Paláu-Hernández said in the announcement.

Charting a Course in the Age of AI

The new leadership team takes control as the digital business solutions industry undergoes a profound transformation. The competitive landscape, populated by giants like Accenture and Genpact, is being reshaped by artificial intelligence, cloud computing, and automation. Success is no longer just about outsourcing processes; it is about digitally transforming them to deliver greater efficiency and better outcomes.

Conduent has made moves to position itself within this new paradigm, emphasizing its technology-led solutions spanning the commercial, government, and transportation sectors. The company recently launched an AI Experience Center to showcase its generative AI-powered solutions for everything from document processing to enhancing citizen experiences in government services. The firm's ability to leverage these technologies will be paramount to its success.

Mr. Agadi's primary operational task will be to convert the company’s stated $3.4 billion sales pipeline into profitable, high-margin revenue. The company has seen strength in its public sector business and has been recognized as a leader in customer experience (CX) services in specific verticals. The challenge is to scale these successes across the entire organization and convince the market that Conduent can be a leader, not just a participant, in the digital transformation era. With a new leadership structure designed for both operational execution and stringent oversight, the market will be watching closely to see if this tactical pivot can finally unlock the value Conduent's board believes is latent within the technology services giant.