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Print OEM Xerox is nominating no fewer than seven new candidates to its board of directors. The company currently only has five board members, one of whom is CEO Steve Bandrowczak. He is to remain on the board, as is Chair Scott Letier and Nichelle Maynard-Elliott. Incumbent directors Phil Giordano and Margarita Palau-Hernandez are not
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Xerox is set to purchase all of the company’s shares that are owned by activist investor Carl Icahn for around $542m (£442m).
Carl Icahn developed a reputation as a "corporate raider" after profiting from the hostile takeover and asset stripping of TWA.
Norwalk-headquartered Xerox Holdings Corp. (NASDAQ: XRX) announced an agreement to repurchase all of the company’s shares of common stock beneficially owned by investor Carl Icahn and certain of his affiliates at a purchase price of $15.84 per share – a transaction that will be worth approximately $542 million.