Xerox CEO quits in settlement with shareholders over Fujifilm deal
Xerox CEO quits in settlement with shareholders over Fujifilm deal. Xerox said its CEO and most of its board will step down to settle a suit by activist shareholders Carl Icahn and Darwin Deason, handing over to new management which will reconsider a contentious deal with Fujifilm Holdings.
The move is a triumph for Icahn and Deason, who together hold 15% of Xerox. They had criticized the $6.1B deal to combine the U.S. printer and copier maker into Fuji Xerox, an existing joint venture with the Japanese company. The two had already won a rare court order to temporarily block the deal, which they said undervalued Xerox. Read more here.