1. Xerox CEO Jacobson, Six Board Members Out In Deal To Appease Activist Shareholder Ichan

    Xerox CEO Jacobson, Six Board Members Out In Deal To Appease Activist Shareholder Ichan

    Xerox CEO Jeff Jacobson and six of the company's other board members have agreed to resign in order to avoid an impending proxy contest and settle a lawsuit brought by activist investors including Carl Ichan. Ichan and Darwin Deason – two of Xerox's three largest individual shareholders – had objected to a proposed takeover of the company by Fujifilm Holdings...

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    1. Following the court's decision last week to enjoin Xerox's proposed combination with Fuji Xerox, the board considered the significant risk and uncertainty of a prolonged litigation.
    2. With new leadership in place, we believe Xerox will be much better positioned to take advantage of multiple potential value-enhancing opportunities, including restructuring its relationship with Fujifilm.
    3. With John Visentin at the helm, receiving support and guidance from Carl Icahn and me, I am confident the alternatives for Xerox and its shareholders will be fully and expeditiously maximized.
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