Xerox Corp. this morning announced the resignation of Jonathan Christodoro, former managing director of Icahn Capital LP, from its board of directors in order to allow Carl Icahn’s affiliated funds to submit nominations for four candidates in the election of directors at Xerox’s 2018 annual shareholders meeting.
Christodoro’s resignation terminated the standstill arrangement between the Norwalk-based company and the Icahn Group that was signed on June 27, 2016. Christodoro, who has been a board member since June 2016, stated in a letter to Xerox Chairman Robert J. Keegan that his resignation was based on his belief that the board plans to “make decisions and take Xerox in a direction with which I strongly disagree.”
Christodoro added that he will be joining Icahn Group candidates Keith Cozza, Jay Firestone and Randolph Read in seeking election to the board next year, adding that if re-elected he would “advocate my views and urge the board to get back on track and make decisions that are in the best interests of Xerox and our shareholders.”
The company said in a statement: “Since our December 2016 separation of Conduent Inc., we have delivered on our commitments to shareholders and are ahead of plan relative to our well-defined strategic transformation. In 2017 alone, we expect to meet or exceed our target of $600 million of gross cost savings …Shareholders have recognized our strong progress: Xerox’s share price has increased almost 30 percent year-to-date, well in excess of the S&P 500. We look forward to continuing to deliver value for our shareholders in the quarters and years ahead.”