Carl Icahn to Nominate Four Directors to Xerox Board


Billionaire activist investor Carl Icahn.

Xerox announced today that Jonathan Christodoro, former managing director of Icahn Capital LP, has resigned from Xerox’s Board of Directors in order to allow Carl Icahn and  the Icahn Group to submit nominations for the election of director candidates at the Xerox 2018 Annual Meeting of Shareholders.

Along with Christodoro’s resignation, the arrangement between Xerox and the Icahn Group entered into on June 27, 2016 was ended, and Xerox received notice from the Icahn Group of its nomination of four director candidates to stand for election at Xerox’s  2018 Annual Meeting.

Back in November 2015 – before Xerox split into two separate companies (Xerox and Conduent) – billionaire activist investor Carl Icahn disclosed a 7.13 percent stake in Xerox, making him the second-largest shareholder of Xerox.

Xerox issued the following statement:

“Since our December 2016 separation of Conduent Inc., we have delivered on our commitments to shareholders and are ahead of plan relative to our well-defined Strategic Transformation. In 2017 alone, we expect to meet or exceed our target of $600 million of gross cost savings, a critical step as we continue our journey to improving our revenue trajectory. Xerox has just introduced the largest product launch in the company’s history, which should further enhance the company’s revenue trajectory. Xerox today reaffirmed its full year guidance for adjusted operating margin, earnings per share, cash flow and revenue provided on October 26, 2017 in connection with the company’s third quarter 2017 financial results.

Shareholders have recognized our strong progress: Xerox’s share price has increased almost 30 percent year-to-date, well in excess of the S&P 500. We look forward to continuing to deliver value for our shareholders in the quarters and years ahead.

The Board and management team are focused on enhancing shareholder value and will continue to take the necessary actions to achieve this objective.”

Xerox shareholders are not required to take any action at this time. The Corporate Governance Committee of the Xerox Board of Directors will  review and consider the Icahn Group’s director candidates and make a formal recommendation regarding director nominees in the company’s proxy statement and other materials that it will be filing with the U.S. Securities and Exchange Commission and mailed to all shareholders eligible to vote at the 2018 Annual Meeting, which hasn’t been scheduled yet.

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