Icahn eyes 3 seats as Xerox splits into 2
Print Edition
XEROX Corp said it would split into two companies, one holding its legacy hardware operations and the other its business process outsourcing unit, in which activist investor Carl Icahn will get three board seats.
Icahn, who first revealed a stake in Xerox in November, had said he would seek representation on the company’s board as well as pursue strategic alternatives. He later raised his stake to 8.13 percent.
Xerox Chief Executive Ursula Burns told CNBC that Icahn had nothing to do with the initiation of the split.
The company, whose shares had fallen over 30 percent in the past 12 months, has been trying to turn itself around by focusing on software and services as businesses cut costs and a switch to mobile devices hits demand for printers.
Larger rival Hewlett-Packard Enterprise Co also split its computer and printer businesses from its faster growing corporate hardware and services operations last year to adjust to the post-PC computing era.
Icahn has had considerable success with getting companies to spin off their fast growing businesses.
Under pressure from him, eBay Inc split its payments business Paypal Holdings Inc.
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