Xerox names nonexecutive chairman, announces stock split

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.