Xerox CEO is back as board does shock U-turn [CNN]
FUJIFILM HLDGS CORP ADR (FUJIY)
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Source: CNN
Xerox CEO is back as board does shock U-turn A couple of days ago, Xerox said its CEO was resigning. Now, it says he's staying put. In a statement late Thursday night, Xerox ( XRX ) said that a deal with activist investors Carl Icahn and Darwin Deason for its CEO and most of its board of directors to leave had expired. The US printer and copier company accused Deason of failing to fulfill part of the bargain, which required him to end litigation against Xerox directors. Under the lapsed agreement, CEO Jeff Jacobson and six other current Xerox board members would have stepped down to allow representatives of Icahn and Deason to take control of the company. Related: Xerox strikes deal with activist investors Icahn and Deason quickly fired back at the Xerox board in an open letter , saying the directors "recklessly refused to follow through with the leadership and governance changes we agreed to, demanding unprecedented additional approvals for their own personal self-interest."
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