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Icahn Nominates 4 Directors to Xerox's Board

Image: Icahn Nominates 4 Directors to Xerox's Board
(AP)

Monday, 11 December 2017 09:11 AM

Activist investor Carl Icahn has named four nominees to Xerox Corp.'s board of directors, the company said on Monday, after a current Icahn-appointed director resigned due to a difference of opinion with the board.

The resignation of Jonathan Christodoro, a former managing director of Icahn Capital LP, ended a standstill arrangement the company and the Icahn Group agreed on in June 2016 and allowed Icahn to make his nominations, Xerox said.

Christodoro, a Xerox's board member since June last year, told Xerox's chairman in a letter that he was one of the four Icahn nominations along with Keith Cozza, Jay Firestone and Randolph Read.

"Until the last few weeks, it appeared that the Board's decisions would be consistent with my views on the best interests of Xerox and our shareholders," Christodoro wrote in letter on Dec. 8 to Chairman Robert Keegan.

"It now appears, however, that the Board will make decisions and take Xerox in a direction with which I strongly disagree."

Christodoro did not elaborate on these decisions.

Xerox, in a statement, reaffirmed its full-year forecasts for adjusted operating margin, earnings per share, cash flow and revenue and noted that its stock's near 30 percent rise this year had outperformed the S&P 500.

Icahn Associates Corp. is Xerox's largest shareholder with 9.7 percent stake as of September.

Centerview Partners LLC is Xerox's financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP its legal adviser. 

© 2018 Thomson/Reuters. All rights reserved.

   
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Activist investor Carl Icahn has named four nominees to Xerox Corp.'s board of directors, the company said on Monday, after a current Icahn-appointed director resigned due to a difference of opinion with the board.
icahn, board, xerox, directors
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2017-11-11
Monday, 11 December 2017 09:11 AM
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