The series of shuffles started in December 2017. Jonathan Christodoro, 41, former managing director of Icahn Capital, resigned from Xerox’s board over disagreements over the company’s future direction. This dissolved the 2016 agreement between Icahn and Xerox and paved the way for Carl Icahn’s affiliated funds to submit nominations for four candidates for the 2018 nominations.
The investors have struck a deal with the Xerox board, to replace Jacobson and six other existing directors - Robert J. Keegan, Charles Prince, Ann N. Reese, William Curt Hunter, Sara Martinez Tucker and Stephen H. Rusckowski – who will each resign from the Board, with their own representatives - Keith Cozza, John Visentin, Jay Firestone, Nicholas Graziano, Randolph Read and Scott Letier.
Xerox’s new board members, assuming the deal between Icahn and Xerox doesn’t fall through:
- Xerox’s New Chairman - Keith Cozza, 38, the CEO of Icahn Enterprises L.P.
- Xerox’s New Vice Chairman and CEO - Giovanni (John) Visentin, 55, former Senior Advisor to the Chairman of Exela, Advent International Partner, and former IBM and HP executive.
- Jaffrey (Jay) A. Firestone, 62, has served as Chairman and CEO at Prodigy Pictures. He is a former executive at Xerox, IBM and American Express.
- Nicholas Graziano, 44, has served as Portfolio Manager of Icahn Capital and is a former investment banker. Graziano serves on the Board of Herbalife.
- Randolph C. Read, 64, has been President and CEO of Nevada Strategic Credit Investments since 2009. He is a former CFO of several companies, including Stone Container Corp. Cintas Corp. and others.
- Scott Letier has been Managing Director of family office Deason Capital Services. He currently serves on the Boards of various private companies, including Stellar Global, Colvin Resources Group and Grow 52. Scott has served as a CFO at 2M Companies and Red River Ventures amongst others.
Board members leaving the XEROX board:
- Chairman of the board, Robert J. Keegan, 70, is retired Chairman, CEO and President of The Goodyear Tire & Rubber Company
- Charles Prince, 68, is retired Chairman and CEO, Citigroup.
- Ann N. Reese, 65, is Executive Director, Center for Adoption Policy which she co-founded in 2001.
- William Curt Hunter, 70, is now Dean Emeritus and former Dean, Tippie College of Business, University of Iowa.
- Sara Martinez Tucker, 63, is retired CEO of National Math and Science Initiative and is the former Under Secretary of Education in the U.S. Department of Education.
- Stephen H. Rusckowski, 60, is Chairman, President and CEO of Quest Diagnostics.
Former CEO of Rothchild Asset Management, Cheryl Krongard, 62, Motorola Solutions’ Chair/CEO Gregory Brown, 57, and former CEO of Deloitte Joseph Echevarria, 61, will continue to serve as members of Xerox’s board.
Date: May 15, 2018