ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconFacebook IconIcon FacebookGoogle Plus IconLayer 1InstagramCreated with Sketch.Linkedin IconIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerIcon Opinion QuotePositive ArrowIcon PrintRSS IconIcon SearchSite TitleTitle ChevronTwitter IconIcon TwitterYoutube Icon
Companies

Xerox names John Visentin as CEO after scrapping Fujifilm deal

Xerox's new CEO John Visentin replaces Jeff Jacobson who was the main architect of a proposed $6.1 billion deal with Fujifilm Holdings.   © AP

Xerox Corp has appointed John Visentin as chief executive officer and set July 31 for its annual shareholders meeting, the U.S. photocopier maker said on Wednesday.

Visentin was also elected vice chairman of the board with Keith Cozza elected as chairman, Xerox said in a statement.

Visentin replaces CEO Jeff Jacobson, the main architect of a proposed $6.1 billion deal with Fujifilm Holdings Corp which was scrapped this week in a settlement with activist investors Carl Icahn and Darwin Deason that handed control of the U.S. company to new management.

Five other directors would step down as well under the settlement.

In January, Xerox and Fujifilm had agreed to the complex deal to merge Xerox into their Asia joint venture Fuji Xerox and give Fujifilm control.

Icahn and Deason, who own a combined 15 percent of Xerox, had launched a proxy fight arguing that the deal undervalued the U.S. company.

Visentin, who had also been under consideration by the old board to replace Jacobson as recently as last year, had been hired by Icahn to assist in his campaign against Xerox.

(Reuters) 

You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

Get unlimited access
NAR site on phone, device, tablet

{{sentenceStarter}} {{numberReadArticles}} free article{{numberReadArticles-plural}} this month

Stay ahead with our exclusives on Asia; the most dynamic market in the world.

Benefit from in-depth journalism from trusted experts within Asia itself.

Try 3 months for $9

Offer ends September 30th

Your trial period has expired

You need a subscription to...

See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

See all offers
NAR on print phone, device, and tablet media