Xerox overhauls board, replaces CEO to settle dispute with Carl Icahn
The new management will scrap or restructure the Fujifilm deal at the centre of shareholders Icahn and Darwin Deason’s objections
New York/Tokyo — Xerox’s CEO and most of its board will step down to settle a suit brought by shareholders Carl Icahn and Darwin Deason. The new management plans to look at restructuring or terminating a contentious deal with Fujifilm. The departures come after Icahn and Deason, who together hold 15% of Xerox, won a court order to temporarily block a planned $6.1bn deal to combine the US printer and copier maker into an existing joint venture, Fuji Xerox. The settlement averts a proxy fight at an upcoming shareholder meeting, and Icahn and Deason have agreed to withdraw the directors they had previously nominated. Keith Cozza, CEO of Icahn Enterprises, will become Xerox’s chairman, while John Visentin, who had previously led Novitex Enterprise Solutions, will become CEO, Xerox said. Fujifilm, whose shares dropped 5.5% in Tokyo trade on news of the ouster, said it planned to file an objection with a court over Xerox’s settlement with Icahn and Deason. It will also appeal last week’s ...
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