John Visentin becomes CEO at Xerox

Velvet Spicer//May 17, 2018//

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As part of an agreement with major shareholders Darwin Deason and Carl Icahn, Xerox Corp. on Wednesday announced that John Visentin has been named chief executive.

Visentin also was elected vice chairman of the company’s board of directors, while Keith Cozza was elected chairman.

Earlier this week, Xerox said it had ended its acquisition agreement with Fuji Xerox as a result of Fujifilm failing to deliver the audited financials of Fuji Xerox by April 15 and the differences in the audited financials from the unaudited financials.

Xerox subsequently settled with Icahn and Deason, and in doing so resolved Deason’s litigation against the company and its directors. The settlement does not affect Deason’s or any other shareholders’ claims against Fujifilm.

Other key elements of the settlement include:

Under the terms of the agreement:

• Jeff Jacobson resigned from his role as CEO and as a member of Xerox’s board.
• Xerox appointed five new members to its board: Jonathan Christodoro, Cozza, Nicholas Graziano, Scott Letier and Visentin.
• Robert J. Keegan, Charles Prince, Ann N. Reese, William Curt Hunter, and Stephen H. Rusckowski each resigned from the board.
• Gregory Brown, Joseph Echevarria, Cheryl Krongard and Sara Martinez Tucker will continue to serve as members of the Xerox board.

In Wednesday’s statement, Xerox officials said that “in order to replace the value of certain compensation Visentin is forfeiting in order to join Xerox,” independent directors approved an award of 350,755 restricted shares of Xerox common stock, which will vest on May 1, 2019.

Xerox also has chosen July 31 as the date for its annual shareholders meeting.

Xerox shares (NYSE: XRX) tanked on Monday as news of the agreement spread. At midday Thursday shares were trading at $28.72.

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