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September 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Xerox CEO John Visentin added to Fuji Xerox board of directors

The tumultuous relationship between Xerox Corp. and Fujifilm Holdings took another turn as Fuji Xerox, the joint venture between the companies, named the newly appointed Xerox CEO John Visentin to its board of directors.

John Visentin

Although having the Xerox CEO on the Fuji Xerox board is customary, Visentin’s presence could be viewed as a sore reminder of Fujifilm’s $6.1 billion aborted acquisition of the Norwalk-headquartered Xerox. Visentin was supported for the CEO role by shareholders Carl Icahn and Darwin Deason, who successfully thwarted the Fujifilm-Xerox transaction and forced out Jeffrey Jacobson as the company’s chief executive.

Icahn and Deason are not beloved among the Fujifilm corporate hierarchy. Last week, Fujifilm CEO Shigetaka Komori bluntly stated that he was giving Xerox six months to mend the canceled deal, and without mentioning the two shareholders by name, he alluded to their combined 15 percent ownership of Xerox shares in claiming they did not represent the voice of the majority of Xerox shareholders.

“The current shareholders will be able to enjoy a share price reflecting the synergy of the merger,” Komori had said. “It is up to the other 85 percent of shareholders to decide.”