Wednesday, 2 May 2018

Boss of Xerox and six board members ousted in Fujifilm merger row

The boss of Xerox and six board members will step down after the firm reached a deal with major shareholders who opposed a takeover by Japan's Fujifilm.

It is a win for investors Carl Icahn and Darwin Deason, who together own 15% of Xerox, who argued that the $6.1m (£4.5m) merger undervalued the company.

As part of the settlement, chief executive Jeff Jacobson will resign.

Xerox shares fell 3% on news of the shake-up which follows a court decision last week to temporarily halt the deal.

The boardroom clear-out paves the way for two executives close to Mr Icahn to be installed as chief executive and chairman.
John Visentin will take on the role of chief executive after being retained by Mr Icahn as a consultant in March.

Keith Cozza, chief executive of Icahn Enterprises, will become chairman of Xerox.

The two companies had agreed to the joint venture in January but that deal appears to be under threat.

BBC      News. 

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