Corporate activist Carl Icahn ends investment in Xerox
A major investor in Xerox is ending his investment in that company.
Carl Icahn, a corporate activist who had been Xerox’s biggest shareholder, is selling his remaining stake back to the company for $542 million.
Xerox expects to fund that purchase with a new debt facility.
Xerox announced this week that after the sale is complete, Icahn’s companies will no longer hold any Xerox common stock.
Also as part of the announcement, two of the members of Xerox’s board of directors who had been affiliated with Icahn, Jesse Lynn and Steven Miller will resign from the board.
And James Nelson, an independent director who had been chairman of the company, is also resigning.
A current Xerox board member, Scott Letier, will be the new chairman of the board.
Back in 2018, Icahn and another shareholder, Darwin Deason, protested a potential merger between Xerox and Fuji, and former CEO Jeff Jacobson resigned.
Carl Icahn released a statement this week saying that as a longtime shareholder of Xerox, he has “watched this iconic brand endure the hardest of times and come out stronger, all while returning substantial amounts of capital back to shareholders."
Icahn said that he will “continue to be a champion of the company and hope my activism will long be remembered as Xerox continues its positive momentum.”
This story includes reporting by Bloomberg.com