SEVERE WX : Flood Warning View Alerts

Xerox CEO quits in win for Carl Icahn

The CEO of Xerox is quitting and the company's plan to be taken over by Japan's Fujifilm has been thrown into doubt....

Posted: May 2, 2018 12:28 PM
Updated: May 2, 2018 12:28 PM

The CEO of Xerox is quitting and the company's plan to be taken over by Japan's Fujifilm has been thrown into doubt.

Xerox said in a statement late Tuesday that it's reached a deal with activist investors Carl Icahn and Darwin Deason, who have been trying to kill the Fujifilm deal and push out CEO Jeff Jacobson.

Under the agreement, Jacobson and six other current Xerox board members, including Chairman Robert Keegan, are stepping down to allow representatives of Icahn and Deason to take control of running the iconic US printer and copier company.

The Xerox board said it decided to strike a deal with the activist investors after a US judge on Friday temporarily blocked the company's planned merger with Fujifilm. The ruling was the result of a lawsuit brought by Deason in February challenging the merger.

Related: Carl Icahn: Don't let Fujifilm 'steal' Xerox

The agreement between the two sides Tuesday will end the litigation and a battle over board seats that was set to take place at the next Xerox shareholders' meeting, the company statement said.

The new board plans to meet "immediately" to consider "terminating or restructuring Xerox's relationship with Fujifilm and the proposed transaction with Fujifilm," according to the statement.

But it's set to face a fight from the Japanese company, which said in a statement Wednesday that it has "serious concerns" about the settlement between Xerox and the activist investors.

Under the plan that Xerox and Fujifilm announced in January, the US company's operations would be merged with those of Fuji Xerox, a joint venture between the two firms. The multibillion-dollar deal would leave Fujifilm holding 50.1% of Fuji Xerox, with Xerox shareholders owning the rest.

Related: Fujifilm moves to take control of Xerox

Icahn and Deason argued that it "dramatically undervalues" Xerox and would be the "final death knell" for the US company. The two investors, who together hold around 15% of Xerox stock, accused the company's board of overseeing "the systematic destruction of Xerox."

Fujifilm said Wednesday it believes the Xerox board "has an obligation" to stick to the deal the companies agreed in January, adding that it will appeal Friday's court ruling that halted the merger.

Fujifilm shares dropped more than 5% in Tokyo on Wednesday.

Icahn welcomed the court ruling and Tuesday's agreement with the Xerox board, saying they "mark a watershed moment for corporate governance generally and for Xerox specifically."

Keith Cozza, the CEO of Icahn Enterprises, is set to become the new chairman of Xerox, according to the company statement. And John Visentin, an IT industry veteran who worked as a consultant to Icahn Enterprises during the battle over Xerox, is expected to be the new CEO.

Lafayette
Clear
27° wxIcon
Hi: 51° Lo: 24°
Feels Like: 27°
Kokomo
Clear
25° wxIcon
Hi: 47° Lo: 22°
Feels Like: 19°
Rensselaer
Clear
23° wxIcon
Hi: 47° Lo: 22°
Feels Like: 23°
Lafayette
Clear
27° wxIcon
Hi: 49° Lo: 23°
Feels Like: 27°
Danville
Clear
25° wxIcon
Hi: 51° Lo: 25°
Feels Like: 25°
Frankfort
Clear
23° wxIcon
Hi: 50° Lo: 23°
Feels Like: 17°
Frankfort
Partly Cloudy
23° wxIcon
Hi: 47° Lo: 22°
Feels Like: 17°
Monticello
Clear
21° wxIcon
Hi: 49° Lo: 23°
Feels Like: 21°
Monticello
Clear
21° wxIcon
Hi: 47° Lo: 24°
Feels Like: 21°
Logansport
Clear
27° wxIcon
Hi: 46° Lo: 21°
Feels Like: 27°
Dry, mild conditions continue.
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 665285

Reported Deaths: 12697
CountyCasesDeaths
Marion910581653
Lake48637887
Allen36050641
Hamilton32231398
St. Joseph30243514
Elkhart25484420
Vanderburgh21315382
Tippecanoe20185205
Johnson16425361
Porter16053276
Hendricks15899301
Clark12032182
Madison11779321
Vigo11672231
Monroe10394164
Delaware9879179
LaPorte9821198
Howard9095199
Kosciusko8588111
Bartholomew7504147
Warrick7445153
Hancock7439134
Floyd7255172
Wayne6654192
Grant6453157
Boone611991
Morgan6118126
Dubois5933112
Dearborn550669
Cass5477100
Marshall5446105
Henry542695
Noble510978
Jackson465567
Shelby462591
Lawrence4193113
Gibson404985
Harrison402764
Clinton397053
Montgomery390584
DeKalb387178
Knox357885
Miami357863
Whitley350638
Huntington348377
Steuben339855
Wabash333076
Putnam331960
Ripley327862
Adams325149
Jasper318443
White298052
Jefferson295974
Daviess285696
Fayette272656
Decatur271388
Greene262280
Posey261432
Wells258975
Scott251450
LaGrange242170
Clay241444
Randolph225877
Spencer219330
Jennings216344
Washington213027
Sullivan203639
Fountain202542
Starke189251
Owen183453
Fulton179637
Jay178528
Carroll176919
Perry173836
Orange171351
Rush165422
Vermillion161542
Franklin159735
Tipton149241
Parke140116
Pike128433
Blackford120627
Pulaski107544
Newton96732
Brown95240
Benton92413
Crawford92113
Martin80314
Warren75914
Switzerland7558
Union67510
Ohio54111
Unassigned0434

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events