Xerox Corp. has named Robert Keegan as non-executive chairman, replacing Ursula Burns, who retired from the board of directors on Tuesday. Separately, shareholders approved a reverse stock split, effective in June.
Keegan has been a Xerox director since 2010 and formerly served as CEO and president of the Goodyear Tire & Rubber Co. He was a longtime Eastman Kodak Co. executive before joining Goodyear.
“Throughout Ursula’s career, she has demonstrated a passion and love for the company. We admire her personal and professional commitment to our success,” Xerox CEO Jeff Jacobson said in a statement. “I look forward to working more closely with Bob as he steps into the chairman role. His experiences leading businesses through turnarounds continue to be a great benefit to the Xerox team.”
Hailing from the lower east side of Manhattan, Burns arrived at Xerox in 1980 as a 22-year-old summer intern. In 2007 she was named president of the organization and in 2009 she replaced Anne Mulcahy as CEO. She was the first African-American woman president of a Fortune 500 company.
Burns served as chairwoman of the board since 2010.
Xerox also this week declared a quarterly cash dividend of 6.25 cents per share on common stock, payable on July 31 to shareholders of record on June 30.
Xerox shareholders approved a reverse stock split of common stock at a ratio of one-for-four shares, together with a reduction in the authorized shares of its common stock from 1.75 billion to 437.5 million. The stock split is anticipated to be effective June 14.
The stock split is a result of the spinoff of Xerox’s business process outsourcing business, now Conduent Inc., and its subsequent market capitalization division. The split is intended to increase the per share trading price of Xerox common stock.
Shares of company stock (NYSE: XRX) were trading at $7.01 Wednesday afternoon, up from Tuesday’s close of $6.95 per share.
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