Xerox is saying more about the late night overthrow of CEO Jeff Jacobs and five members of the company’s board who supported him.
The company settled a suit by two top shareholders by ending a proposed merger with FujiFilm Holdings of Japan and firing its CEO. Shareholders Carl Icahn and Darwin Deason are ending their suit, and a slate of candidates they approve will go onto the Xerox Board of Directors.
The agreement has to be approved by the court handling the lawsuit against Xerox by the end of tomorrow. Fuji says it will file a complaint against the action.
The CEO of Icahn’s company will become Chairman of the Board at Xerox and a search will begin for a new Xerox CEO. The 2018 shareholders meeting will be postponed.
Carl Icahn said in a statement that the upheaval was triggered by Friday’s court ruling blocking the Xerox-Fujifilm merger. He said Xerox will now be able to take advantage of value-enhancing opportunities. Deason added his own statement, saying the future for Xerox is extremely bright.