Famed activist investor Carl Icahn is scrutinizing the long-standing partnership between Xerox and Fujifilm. Icahn, who is Xerox’s largest shareholder, has questioned capabilities of the companies management and strategy. In an open letter to Xerox shareholders, he has demanded the board be revamped and the dismissal of CEO Jeff Jacobson.
“Carl Icahn says Xerox’s joint venture with Fujifilm should be revised or terminated as he ramped up his rhetoric against the ‘incapable’ directors and chief executive of the US printer and photocopier company,” writes Lindsay Fortado at the Financial Times.
Another major shareholder, Darwin Deason, is demanding the details of the Xerox-Fujifilm agreement disclosed: “I further demand that the board hire new and independent advisers following discussions with us to evaluate the company’s strategic options with Fuji, including the potential termination of what I suspect but am unable to yet confirm is a one-sided value-destroying agreement disfavouring Xerox, that Fuji has repeatedly breached…I am very disappointed in Mr Jacobson and his lethargic approach regarding Fuji.”
In other news, the Wall Street Journal reports Xerox and Fujfilm are in talks to merge.