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John Visentin named as new Xerox CEO

Friday, 18 May 2018
By Print21
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John Visentin, CEO Xerox Corp.

Xerox has appointed John Visentin as its new chief executive officer days after calling off a proposed $6.1 billion agreement with Fujifilm Holdings. The Japanese company says it’s considering legal action over its failed takeover bid.

 Visentin, an ally of billionaire activist investor Carl Icahn – who together with fellow billionaire Darren Deason fought the deal in court – has been appointed CEO and elected vice chairman of the new board. Keith Cozza was elected chairman.

Former CEO Jeff Jacobson resigned earlier this week along with five other board members after Xerox “terminated” its proposed deal with Fujifilm and signed a new settlement with Icahn and Deason, who together own 15 percent of the company.

Fujifilm says it is now considering all options, including legal action

“Fujifilm disputes Xerox’s unilateral decision to terminate the transaction,” the company said in a statement. “We do not believe that Xerox has a legal right to terminate our agreement and we are reviewing all of our available options, including bringing a legal action seeking damages.”

Fujifilm currently owns 75% of Fuji Xerox, a joint venture launched more than 50 years ago. Under the proposed deal announced in February, Fujifilm planned to cut 10,000 jobs at Fuji Xerox in the Asia Pacific region by March 2020.

Xerox will hold its 2018 Annual Meeting of Shareholders on July 31.

One Response to “John Visentin named as new Xerox CEO”

  1. May 18, 2018 at 2:12 pm,

    Fairgo
    said:

    What’s the betting the stock’s being shorted already. Look at today’s graph.

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