Xerox CEO to resign in settlement with top shareholders

NEW YORK: The CEO of US photocopier and printer maker Xerox is stepping down to end a battle with shareholders opposed to a planned takeover by Japan’s Fujifilm. Major shareholders Darwin Deason and Carl Icahn, who together control 15.2 per cent of Xerox’s shares, have vigorously opposed the takeover and have filed a suit to block it.
On Friday, a US court ordered a temporary block of the takeover, saying it prioritised the interest of Xerox’s CEO over its shareholders.
In a statement issued on Tuesday in the US, Xerox said Jeff Jacobson (pictured) would be replaced John Visentin as CEO, with Keith Cozza taking on his role as board chairman.
Both men are backed by Deason and Icahn. — AFP