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13 December 2017
Xerox in fight with largest share holder
ROCHESTER—
A fight has erupted between Xerox and its largest share holder Carl Icahn who holds 9.7% of Xerox . Icahn sent an open letter to shareholders demanding new blood in the boardroom. He has taken special aim at Xerox's chairman Bob Keegan and Jeff Jacobson CEO. Icahn appears to have targeted these two senior executives because they worked at Kodak. Keegan for 25 years and Jacobson for 2 years running the Graphics Group. Jacobson also, for 5 years ran Kodak Polychrome, a joint venture between Kodak and Sun Chemicals.
Carl Icahn who through, the Icahn Group has a history of buying a stake in a public company than pushing for changes to increase the short term share value. He has nominated four of his people to the board of Xerox in 2018
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Jeff Jacobson CEO of Xerox who also worked in Canada
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Xerox which split into two companies, Xerox and Conduent has countered with the fact that its share price has climbed by almost 30% this year. Xerox said it has introduced the largest number of new products in it's history. Xerox has focused more on graphic communications providers ( short form Printers) since it split. Jeff Jacobson who took over as CEO of Xerox after the split has a 30 year history in the printing industry with Kodak Polychrome, Kodak Graphic Arts division and Presstek. He is the first CEO of Xerox who came from the printing industry. Questions in the printing industry have been raised if Icahn is against Xerox's stronger focus on the printing industry.
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