Carl Icahn Adds Christodoro to Xerox Board of Directors

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Xerox and Carl C. Icahn announced today that they have entered into an agreement under which Jonathan Christodoro has been appointed to the Xerox board of directors effective immediately. Christodoro will also join the board’s corporate governance committee and finance committee. With the addition, the Xerox board is now made up of nine directors. More details regarding the agreement will be included in a Form 8-K to be filed by Xerox later today.

In November 2015, billionaire activist investor Icahn disclosed a 7.13 percent stake in Xerox in a securities filing on November 23, 2015, which made him the second-largest shareholder of Xerox. Icahn said he would look at getting representation on Xerox’s board of directors, and would also consider “strategic alternatives” for the company, and said Xerox stock is currently “undervalued.”

Christodoro is managing director of Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., Xerox’s largest shareholder. He currently serves as a director on the boards of American Railcar Industries, Cheniere Energy, Enzon Pharmaceuticals, Herbalife, Lyft Inc., and PayPal Holdings.

On January 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – Xerox Corporation, which will consist of the company’s Document Technology and Document Outsourcing businesses, and Conduent Incorporated, a business-process services company. The company is on track to complete the separation by the end of 2016.

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