Johnathan Christodoro, managing director of Icahn Capital, has resigned from Xerox Corp, which ended a standstill arrangement. He had provided four nominees to the board of directors. Xerox and Icahn Group agreed on this decision in June 2016, and the company allowed the investment group to nominate the new directors. In a letter to the Chairman, he wrote that he was one of the four Icahn members, along with Keith Cozza, Jay Firestone, and Randolph Read.
In his letter to Chairman Robert Keegan, on December 8, Christodoro wrote, “Until the last few weeks, it appeared that the Board’s decisions would be consistent with my views on the best interests of Xerox and our shareholders. It now appears, however, that the Board will make decisions and take Xerox in a direction with which I strongly disagree.” Christodoro did not further elaborate on the decisions.
In a statement issued by Xerox, they have reassured its full-year forecasts with adjusted operating margin, EPS, cash flow, and revenue. It indicated that the company’s stocks have outperformed S&P 500 as it recorded a thirty percent rise in its stock price.
Icahn Associates is the largest shareholder with a 9.7 percent stake, as of September. Other partners of Xerox Corp include Centerview Partners LLC – whose financial and legal advisers are Paul, Weiss, Rifkind, Wharton & Garrison LLP.