Xerox CEO to resign in settlement over acquisition by Fujifilm

May 2, 2018

New York- Xerox Corp. said Tuesday that Chief Executive Officer Jeff Jacobson and other board members will resign under a settlement with two major shareholders who oppose Fujifilm Holdings Corp.'s acquisition of Xerox.

Fujifilm's plan to acquire the US printer and copier maker may fall through under the new management.

Xerox said it has finalized the settlement with activist investor Carl Icahn and businessman Darwin Deason.

If the agreement gains a court approval, Jacobson and six other board members, including Chairman Robert Keegan, will step down. They will be replaced by those willing to meet the wishes of Icahn and Deason.

In February, Deason filed a lawsuit to block Fujifilm's deal to acquire the company, claiming that the deal significantly underestimates Xerox's value.

A New York state court ordered a temporary halt to acquisition procedures on April 27.

The court recognized that Jacobson cut the deal with Fujifilm to further his self-interest by sacrificing the profits of Xerox shareholders. Jiji Press