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Blog Exposure - Xerox Confirms Activist Investor Carl Icahn's Four Nominations for Election to its Board

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LONDON, UK / ACCESSWIRE / December 13, 2017 / Active-Investors issued a free report on Xerox Corp. (NYSE: XRX), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=XRX as the Company's latest news hit the wire. On December 11, 2017, the Company announced that Jonathan Christodoro, former Managing Director of Icahn Capital L.P., has resigned from the Company's Board of Directors with immediate effect. Jonathan cited difference of opinion with the Board as the reason for his exit. The Company also confirmed receipt of four nominations from the Icahn Group for the election to the Company's Board. Sign up now for our free research reports at:


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The Company, however, believes that Jonathan decided to resign so that Activist investor Carl Icahn and his affiliated funds could submit nominations for the election of Directors to the Company's Board. The election is expected take place during the Company's Annual General Meeting (AGM) in 2018.

The Company also informed that the existing standstill arrangement between Xerox and the Icahn Group which was signed on June 27, 2016, stands terminated with Jonathan's resignation. The Company has confirmed that Carl Icahn has sent four nominees who will participate in the election for Board Members to be held during the 2018 AGM. The names of the four nominees are Jonathan Christodoro, Keith Cozza, Jay Firestone, and Randolph Read.

The Company has informed that its shareholders need not take any action at this time. In the meanwhile, the Company's Board of Directors will consider and review the candidates nominated by the Icahn Group and later make a formal recommendation. This would be done while filing the Company's definitive proxy statement and other materials with the US Securities and Exchange Commission (SEC). The Board will also mail its recommendations to all its shareholders who are eligible to vote during the 2018 AGM. The Company has yet to set a definitive date for the 2018 AGM.


In November 2015, Carl Icahn had declared owning 7.1% stake in the Company, thus making him the second largest shareholder at that time. He also declared then that he would be claiming stake to positions on the Company's Board, review the Company's performance, and suggest exploring strategic alternatives. To appease him the Company signed an agreement with Carl in June 2016 and added Jonathan to the Company's Board as Carl's representative. Following this, in November 2016 Xerox announced the splitting of the Company's business into two and transforming each business into a separate independent publicly traded Company. In January 2017, the business process outsourcing (BPO) arm was listed on the NYSE as Conduent Inc. (NYSE:CNDT), while the technology and hardware business was listed as Xerox Corp. (XRX). Icahn Associates now owns 9.7% stake in the Company as on September 2017.

Carl is now stepping up the fight to dominate Xerox's management and pressure them to act on his suggestions. In an interview with the Wall Street Journal on December 11, 2017, Carl stated that he is aiming for the removal of Xerox's CEO Jeff Jacobsen.

Xerox's stance

Explaining its stance and responding to the queries raised by the Icahn Group regarding the Company's performance, its statement read:

"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."

About Xerox Corp.

Norwalk, Connecticut based Xerox is a $11 billion Fortune 500 Company. It is a technology leader that innovates the way the world communicates, connects, and works. The Company's technology, software, and people help to automate, personalize, package, analyze, and secure information. The Company's services include, Document Management, Communication and Marketing, Document Transaction Processing Services, Enterprise Content Management, Managed Print Services, Workflow Automation. Its products include a wide range of printers, scanners and office software's aimed for commercial and individual uses.

Xerox's operations are spread across 160 countries.

Stock Performance Snapshot

December 12, 2017 - At Tuesday's closing bell, Xerox's stock slightly climbed 0.51%, ending the trading session at $29.74.

Volume traded for the day: 2.86 million shares, which was above the 3-month average volume of 2.00 million shares.

Stock performance in the last month – up 1.95%; previous six-month period – up 7.29%; past twelve-month period – up 21.38%; and year-to-date - up 29.30%

After yesterday's close, Xerox's market cap was at $7.58 billion.

Price to Earnings (P/E) ratio was at 14.00.

The stock has a dividend yield of 3.36%.

The stock is part of the Technology sector, categorized under the Information Technology Services industry.


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