Fujifilm battle claims seven executive scalps at Xerox
The purge is a major win for Carl Icahn and Darwin Deason, who railed against the terms of Fujifilm’s takeover of Xerox
New York — Xerox’s top executive and six board members agreed to step down on Wednesday in a victory for Carl Icahn’s battle against the company’s planned $6.1bn takeover by Fujifilm Holdings. The resignations, which include CEO Jeffrey Jacobson and chairman Robert Keegan, are part of an agreement with activist investors to settle a lawsuit that will put in place executives close to Icahn. Keith Cozza, CEO of Icahn Enterprises, is expected to be elected chairman while John Visentin, who has been a consultant to Icahn in the feud against Xerox, is slated to be appointed as its new CEO. The surprise settlement potentially puts the deal struck in January with Fujifilm at risk, and comes after a New York judge last week temporarily halted the transaction. The news is a major win for Icahn and Darwin Deason, who railed against the terms of Fujifilm’s takeover of Xerox and accused Jacobson of striking the deal without the board’s authorisation to preserve his own job. Xerox shares fell th...
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