25.2 C
New York
Friday, May 25, 2018
Home Uncategorized Xerox CEO is out and Fujifilm deal is in doubt in win...

Xerox CEO is out and Fujifilm deal is in doubt in win for Carl Icahn

Xerox CEO Jeff Jacobson quits and Fujifilm deal is in doubt

xerox jeff jacobson
Xerox CEO Jeff Jacobson is stepping down following a campaign by activist investors Carl Icahn and Darwin Deason.

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 (XRX) 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 (FUJIF) deal and push out CEO Jeff Jacobson.

var storytext = document.getElementById(‘storytext’);
var heightToSkip = 0;

function resetValues()
totalHeight = 0;
targetChildElement = null;

// Check if story is in the blacklist of articles to remove smartassets
// [2017.07.27] Results of a one-off request from r.barbieri
if(BLACKLIST[location.pathname] === true) {
if(storytext == null)
console.log(“Error finding storytext element for SA embed”);

for ( i = 0; i 0)
heightToSkip -= storytext.childNodes[i].clientHeight;
else if(heightToSkip minHeight && targetChildElement != null)
//console.log(“total height = ” + totalHeight);
//console.log(“childNode = ” + targetChildElement);

storytext.childNodes[targetChildElement].insertAdjacentHTML(‘afterend’, smartAssetDiv);
smartasset = document.getElementById(‘smartasset-article’);
smartasset.style.float = ‘left’; // allows module to have text float to right
smartasset.style.marginRight =’20px’;
smartasset.style.marginBottom =’25px’;


/* bail out since we’re done */


/* div with id=”smartassetcontainer”. Sanity check to only embed once */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “smartassetcontainer”) {

/* div with id=”ie_column” */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].id !== “undefined” && storytext.childNodes[i].id === “ie_column”) {

/* embeds from twitter, facebook, youtube */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(’embed’)) {

/* cnn video player */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘div’ && storytext.childNodes[i].classList.contains(‘cnnplayer’)) {

/* images */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘img’)

/* images stored in figure tags */
else if (storytext.childNodes[i].nodeName.toLowerCase() === ‘figure’)

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.

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

But Icahn and Deason argued that it “dramatically undervalues” Xerox and would be the “final death knell” for the US company. They accused the Xerox board of overseeing “the systematic destruction of Xerox.”

Icahn said Tuesday that last week’s court ruling and the agreement with the Xerox board “mark a watershed moment for corporate governance generally and for Xerox specifically.”

Keith Cozza, the CEO of Icahn Enterprises (IEP), is set to become the new chairman of Xerox, according to the 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.

CNNMoney (Hong Kong) First published May 2, 2018: 12:20 AM ET

Source link