Carl Icahn Wants Changes at Xerox Corp

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Carl Icahn is pushing for some big changes at Xerox Corp (NYSE:XRX).

Carl Icahn Wants Changes at Xerox Corp

Carl Icahn is nominating four new candidates to join Xerox Corp’s Board of Directors. In order to do this, Jonathan Christodoro has resigned from the company’s Board of Directors. Christodoro is the former former Managing Director of Icahn Capital LP.

Xerox Corp also points out that Carl Icahn has brought an end to its standstill agreement that was signed on June 27, 2016. These recent changes suggests that Icahn is planning to use the nominations to make some changes at the company.

As of right now, investors in Xerox Corp don’t need to take any action. The company won’t be holding a vote for new directors until its 2018 Annual Meeting. There isn’t yet a date for this meeting.

In his resignation letter to Xerox Corp Chairman of the Board Robert Keegan, Christodoro gave the names of the nominations made by Carl Icahn. These nominees include himself, Keith Cozza, Jay Firestone and Randolph Read.

Christodoro points out that the recent changes have to do with how Xerox Corp’s Board of Directors have been acting lately.

“As you know, the Board has been addressing issues I consider vital to Xerox’s current and future wellbeing. 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. It now appears, however, that the Board will make decisions and take Xerox in a direction with which I strongly disagree.”

XRX stock was up slightly as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2017/12/carl-icahn-wants-changes-at-xerox-corp/.

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