Xerox CEO Jeff Jacobson Quits

Xerox CEO Jeff Jacobson Quits

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

Now, Jacobson and six members of Xerox's board will step down, and the new board members who replace them could renegotiate the Fujifilm merger or sell the company to third parties to maximize value for shareholders, according to a law firm representing Xerox's third-largest shareholder, Darwin Deason.

Icahn said in a statement that with new leadership, Xerox will be much better positioned to take advantage of value-enhancing opportunities, including restructuring its relationship with Fujifilm.

Deason and Icahn sued in February opposing the deal and alleging fraud.

The new board will meet to "discuss strategic alternatives", with the Fujifilm deal back under the microscope, because those alternatives include "terminating or restructuring Xerox's relationship with Fujifilm and the proposed transaction with Fujifilm".

As Reuters notes, pair of activist shareholders won a court ruling in NY last week, which found a judge referring to Jacobson as "hopelessly conflicted" in his role as CEO.

Earlier on Wednesday, Xerox said Keith Cozza, the CEO of Icahn Enterprises, would become its chairman.

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John Visentin, previously a consultant for Icahn Capital, will take over as the new CEO.

Seven executives of Xerox leaving their posts.

A spokeswoman for Fujifilm said the company couldn't immediately comment.

Fujifilm said it has "serious concerns" about Xero's announcement and planned to appeal a court ruling last week that temporarily blocked the takeover, according to published reports. In a statement, it described the purchase as the best available option, and one that would be of huge benefit to shareholders on both sides. Fuji would have owned just over half of Xerox.

The two companies had agreed to the joint venture in January but that deal appears to be under threat. He had a base salary of $1m but received total compensation including stock awards and incentive plan payments of $9.5m past year. "Thanks to our efforts and the courage and conviction of Darwin Deason, this is once again an exciting time to be a Xerox stakeholder". The settlement did not resolve the activists' claims against Fujifilm, which the shareholders have criticized for aiding previous Xerox management.

The court filings also state that an alternative deal could have been possible, and that HP had expressed an interest in buying Xerox in January 2018.

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