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Activist Carl Icahn and large holder Darwin Deason could renew efforts for Xerox to explore options following the death of CEO John Visentin and the company’s continued stock decline.
Icahn owns a 22% stake and Deason owns under 10% of XRX, including preferred shares. The investors could try to push for the company to explore options such as a sale of the company or a divestiture of the company’s financing unit, Dealreporter speculated in its “morning flash” piece earlier. Icahn and Deason teamed up in 2018 for a proxy fight against Xerox (XRX) and installed Visentin as CEO as part of their efforts.
Dealreporter highlighted that some bonus grants for executives earlier this year had the publication thinking that potentially the XRX was considering a breakup. The item also pointed out that Xerox announced Wednesday that COO Steve Bandrowczak was tapped as interim CEO following Visentin’s death, though there was no mention of search for a new permanent CEO. Xerox shares fell 2.5% and have plunged 38% over the past year. Also see SA contributor Individual Trader’s piece entitled “Xerox: Dividend Investors Need To Start Looking Beyond The 5%+ Yield.”
https://seekingalpha.com/news/3853298-icahn-could-push-for-xerox-to-explore-options-after-ceo-death-report
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