There’s been another turn in this week’s already twisted tale of Xerox Corporation. The company says the agreement removing CEO Jeff Jacobs and six members of the Xerox board is off. The company says Jacobs remains at the head of the company.
Xerox says the deal is off because major shareholders Carl Icahn and Darwin Deason didn’t discontinue their lawsuit against the company’s merger deal with FujiFilm Holdings of Japan. The agreement showing CEO Jacobson the door was contingent on the ending of the lawsuit.
Xerox now says its management team will remain in place, and so apparently will its support for the FujiFilm merger, which is currently on hold because of a court order, obtained by Deason and Icahn.