Xerox announced on Monday that activist investor Carl Icahn’s organization will nominate four directors at its annual shareholder meeting in 2018.
Former Icahn Capital managing director Jonathan Christodoro resigned from Xerox’s board to allow the nominations to be made. (A date has not yet been set for the 2018 shareholder meeting.) The board’s corporate governance committee will then review the nominations.
“In 2017 alone, we expect to meet or exceed our target of $600 million of gross cost savings, a critical step as we continue our journey to improving our revenue trajectory,” the company said in a statement accompanying the news. “Xerox has just introduced the largest product launch in the company’s history, which should further enhance the company’s revenue trajectory. Xerox today reaffirmed its full year guidance for adjusted operating margin, earnings per share, cash flow and revenue provided on October 26, 2017 in connection with the company’s third quarter 2017 financial results.”
A year ago Xerox split into two companies: Conduent, largely made up of the company’s business services business, and Xerox, which includes its well-known equipment business. Icahn owns about 10% of Xerox and first disclosed his stake in 2015.
