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Icahn wages new fight with Xerox, plans to nominate 4 to board

  • Former Icahn managing director Jonathan Christodoro quit Xerox's board on Friday, paving the way for Carl Icahn to introduce a new battle over the company.
  • Icahn owns 9.7 percent of Xerox, which split into two companies last year.

Activist investor Carl Icahn says he will nominate four people to join the board of Xerox at the annual shareholder meeting next year.

The move on Monday comes after former Icahn Capital managing director Jonathan Christodoro resigned from Xerox's board on Friday, fearing it would make decisions and take the company in a direction in which he "strongly disagrees," Xerox said on Monday.

Christodoro joined Xerox's board in 2016 as part of an agreement with Icahn, and his departure ends that arrangement, clearing the way for new nominations. Icahn Associates is Xerox's biggest outside shareholder, with a 9.4 percent stake, and Icahn first disclosed a stake two years ago.

Xerox split into two companies last year: Conduent, which contains its business services units, and Xerox, the equipment maker. The Wall Street Journal reported on Monday that Icahn was aiming to shake up Xerox's top management in this latest fight. A date for the shareholder meeting has not yet been set.

Icahn's new slate of nominees includes Christodoro; Keith Cozza, also associated with Icahn; Jay Firestone, the CEO of Prodigy Pictures, and Randolph Read, the CEO of Nevada Strategic Credit Investments, an investment fund.