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Icahn and Deason continue attack on Xerox CEO; offer alternative strategy for company’s future

Billionaire Carl Icahn

Investor Carl Icahn and business executive Darwin Deason have redoubled their efforts to nix Xerox Corp.’s $6.1 billion sale to Fujifilm Holdings Corp., attacking the decision-making of CEO Jeffrey Jacobson in a new letter sent to shareholders.

Icahn and Deason’s letter to shareholders of the Norwalk-Headquartered corporation, dubbed a “Presentation on Rescuing & Revitalizing the Company,”  berates Jacobson for his handling of negotiations with Fujifilm and says the company never investigated strategies beyond the Fujifilm deal.

Darwin Deason dallas billionaire Xerox
Icahn’s investment partner Darwin Deason

“Both the substance of the proposed value-destroying transaction and the conflict-tainted process by which it was hatched are an insult to long-suffering Xerox shareholders and make a mockery of well-established corporate governance norms,” wrote Icahn and Deason, who together control 15 percent of the company’s shares.

Icahn and Deason also presented a four-step strategy to explore new business partnerships, more aggressively drive cost-savings efforts, monetize the intellectual property output from Xerox’s Palo Alto Research Center, and pursue new Asia-Pacific market alliances beyond Fujifilm.

Xerox responded to the latest volley from Icahn and Deason with a statement that dismissed the presentation as a rehash of “prior misleading statements,” adding that it “failed to provide a credible or actionable alternative to create value for shareholders.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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