Ending months of bitter battle with investors Carl Icahn and Darwin Deason, and as part of its settlement announced May 13th, Xerox announced yesterday that its board of directors has appointed John Visentin as its chief executive officer. Visentin was also elected vice chairman of the Xerox Board of Directors, and Keith Cozza, CEO of Icahn Enterprises, was elected chairman of the Xerox Board of Directors.
In March 2018, Icahn appointed Visentin as consultant in Icahn’s proxy war against Xerox. Visentin was formerly an executive at IBM and Hewlett-Packard. For more information on Visentin, see Who is Xerox’s New CEO John Visentin?
Xerox’s May 13th agreement called off its proposed deal with Fujfilm, as well as the resignation of the majority of the Xerox Board, the resignation of Xerox CEO Jeff Jacobson, and the appointment of Visentin as CEO, as well as the appointment of board members supporting Icahn and Darwin Deason. See Xerox Calls Off Deal with Fujifilm, Will Install New Leadership for more information on the agreement.
New Shareholders’ Meeting Date
Xerox also announced that it will hold its 2018 Annual Meeting of Shareholders on July 31, 2018. The board of directors has fixed the close of business on June 13, 2018 as the record date for the 2018 Annual Meeting. The company will continue to waive the advance notice bylaw to enable any Xerox shareholder to provide notice of intent to nominate directors for election, or propose business at the 2018 Annual Meeting until June 13, 2018.
Because the expected meeting date for the 2018 Annual Meeting represents a change of more than thirty days from the anniversary of the company’s 2017 annual meeting of shareholders, Xerox has set a new deadline for the receipt of shareholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, for inclusion in the company’s proxy materials for the 2018 Annual Meeting. In order to be considered timely, such proposals must be received by Xerox on or before May 25, 2018 at Xerox Corporation, 201 Merritt 7, Norwalk, CT 06851-1056, Attention: Corporate Secretary.
- May 2018: Xerox Calls Off Deal with Fujfilm, Will Install New Leadership
- May 2018: Fujfilm May Pursue Legal Action Seeking Damages over Terminated Xerox Deal
- May 2018: Xerox Shareholders to Take Aim at Fuji Xerox Contract Provisions for Xerox Sale
- May 2018: Xerox Investor Deason Seeks Xerox Auction ASAP
- May 2018: Fujifilm Responds to Xerox Decision to Call Off Proposed Deal