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October 16, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Xerox chairman makes first insider stock buy in four years

Keith Cozza

Xerox Chairman Keith Cozza has become the first executive at the Norwalk-headquartered company to make an insider stock purchase since 2014 by acquiring 50,000 shares of Xerox at an average price of $25.42 according to the Form 4 filed with the Securities and Exchange Commission by his attorney.

Cozza was previously president and CEO of Icahn Enterprises LP before becoming Xerox chairman in May following the efforts by activist shareholders Carl Icahn and Darwin Deason to jettison the company’s $6.1 billion acquisition deal with Fujifilm Holdings. Cozza’s purchase of Xerox stock is his first, and it represents the largest transaction of its kind since Stephen Robert, a member of the Xerox board in 2004, bought 50,000 shares.

Xerox did not issue a public statement on Cozza’s action. Cozza’s activity follows an announcement last month by Xerox CEO and Vice Chairman John Visentin of a $1 billion share repurchase program, with the first goal of repurchasing up to $500 million in stock by the end of this year.