Xerox shares pop after Icahn lieutenant named to board

Carl Icahn
Peter Foley | Bloomberg | Getty Images
Carl Icahn

Shares of Xerox rose 2 percent Tuesday after the firm added Jonathan Christodoro, managing director of Icahn Capital, to its board of directors.

Icahn Capital is a subsidiary of Icahn Enterprises, which is owned by billionaire investor Carl Icahn. Icahn is Xerox's largest stakeholder, with 9.78 percent shares outstanding, according to a 13D filing.

Xerox also said in a Monday release that its split into two publicly traded companies, announced Jan. 29, is on track for completion by the end of 2016.

Xerox's stock has struggled this year, falling more than 14 percent.

XRX in 2016Source: FactSet