The on again, off again, on again merger between Xerox and FujiFilm holdings is off again. This time it looks like it could be for good.
Xerox says it’s terminated the merger deal with FujiFilm and entered into a new settlement agreement with shareholder activists Carl Icahn and Darwin Deason. Terms of that deal include the departure of CEO Jeff Jacobson, who has resigned. Four other board members have also left and five new board members have been appointed.
Xerox says John Visentin will be appointed as the new CEO, and Keith Cozza, the CEO of Icahn Enterprises, is expected to be named the new Chairman of the Board.
The Xerox board issued a statement saying FujiFilm did not agree to reopen negotiations for better terms in the deal, and it didn’t want to provoke a destabilizing proxy fight over the deal.