May 4, 2018 / 4:09 AM / 2 months ago

Xerox says CEO, board to stay after agreement with Icahn, Deason expires

May 3 (Reuters) - Xerox Corp said on Thursday its current board and management team, which included Chief Executive Jeff Jacobson, will stay, after a settlement agreement it had reached with dissenting shareholders to oust them expired.

Xerox had said on Tuesday its CEO and most of its board will step down to settle a lawsuit by activist shareholders Carl Icahn and Darwin Deason, handing over to new management which will reconsider a controversial deal with Japan’s Fujifilm Holdings.

The New York Supreme Court held a hearing on Thursday on an objection by Fujifilm to the agreement. The judge held off a decision and the schedule for the next hearing has not been decided.

The deal would terminate if the court does not act before 8:00 p.m. ET on May 3, 2018, Xerox said on Tuesday. (Reporting by Shubham Kalia in Bengaluru Editing by Muralikumar Anantharaman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below