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Xerox names nonexecutive chairman, announces stock split

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Xerox Corp. has named Robert Keegan as nonexecutive chairman, replacing Ursula Burns, who retired from the board of directors on May 25. The Norwalk company also announced that shareholders approved a reverse stock split, effective in June.

Xerox Robert Keegan
Robert Keegan

The 69-year-old Keegan has been a Xerox director since 2010, and is chairman of the supervisory board of Loparex International, a manufacturer of siliconized release papers, release films and specialty papers. He previously was CEO and chairman of the board at The Goodyear Tire & Rubber Co. from 2003 to 2010, when he retired from that company.

Burns joined Xerox in 1980 as a 22-year-old intern, rising through the organization until she replaced Anne Mulcahy as CEO in 2009; she added the chairman of the board title in 2010.

Xerox shareholders approved a reverse stock split of common stock at a ratio of 1-for-4 shares, together with a reduction in the authorized shares of its common stock from 1.75 billion to 437.5 million. The stock split is anticipated to be effective June 14.

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