{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-27d029f9395d", "slug": "bd05c4f06922", "title": "Xerox Corporation (XRX)", "subtitle": "Carl C. Icahn · 2018-01", "author": "Carl C. Icahn", "date": "2018-01-18 00:00:00", "pageCount": 3, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.70709807, "targetCompany": "Xerox Corporation", "targetTicker": "XRX", "document": { "id": "019dd923-622b-71dc-a6dc-27d029f9395d", "slug": "bd05c4f06922", "title": "Xerox Corporation (XRX)", "rawTitle": "CARL ICAHN RELEASES OPEN LETTER TO XEROX SHAREHOLDERS", "authorId": "14_Icahn", "authorName": "Carl C. Icahn", "authorDisplay": "Carl C. 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No charts, valuation or sum-of-parts — pure governance/management-change rhetoric.", "kpisCited": [ { "detail": "Xerox in 'mid-single digit' annual revenue declines under CEO Jacobson", "metric": "Revenue growth" }, { "detail": "Five 'old guard' directors with tenures dating to 2003, 2004, 2008, 2010 and 2011", "metric": "Director tenure" }, { "detail": "Former CEO Ursula Burns ranked #4 on Time's 2014 list of '9 CEOs With the Absolute Worst Reputations'", "metric": "CEO reputation ranking" } ], "closingAsk": "Support Icahn's four director nominees at the 2018 Xerox annual meeting and demand replacement of CEO Jeff Jacobson — 'stay tuned for more.'", "extraction": { "at": "2026-04-22 17:26:30+00", "model": "unknown-legacy", "runId": null, "seconds": 106.29189, "promptVersion": null }, "scqaReward": "Icahn points to 'billions and billions' in value unlocked by past CEO replacements at eBay, Forest Laboratories, Hologic and Manitowoc as the playbook precedent; no specific price target is provided, but inaction risks total loss of the investment.", "thesisTypes": [ "management_change", "governance_board", "strategic_pivot" ], "top3Reasons": [ "Xerox is 'languishing' with mid-single-digit annual revenue declines under CEO Jacobson", "Old-guard board and Burns-era management are incapable of negotiating any Fuji deal from strength", "Icahn-appointed director Christodoro resigned in Dec 2017 — an unprecedented signal of board dysfunction" ], "scqaSituation": "Xerox, a year after spinning off Conduent, is the largest holding of Carl Icahn and is tied to Fujifilm through an opaque joint venture recently tainted by an accounting scandal at Fuji Xerox.", "thesisSummary": "Carl Icahn, Xerox's largest shareholder, argues the company is 'languishing' under CEO Jeff Jacobson and a cluster of long-tenured 'old guard' directors — the last vestige of the failed Ursula Burns era. 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If the “old guard” directors are similarly incapable, or unwilling to do the work necessary to rectify this dire situation for shareholders, then they must be replaced.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:34:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b61-7647-86f5-16c6c1a816ba", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.49 }, "kind": "paragraph", "text": "With respect to Mr. Deason’s view that the Fuji Xerox joint venture should be revised or terminated in light of the recent accounting scandal at Fuji Xerox, it is hard to see how any Xerox shareholder could disagree (even given the paucity and opacity of the company’s public disclosures regarding the terms of the arrangement). We are obviously in favor of renegotiating the joint venture agreement to make it more favorable for Xerox. This should have been done a long, long time ago. It is self-evident that the current management team is clearly incapable of doing so. If the “old guard” directors are similarly incapable, or unwilling to do the work necessary to rectify this dire situation for shareholders, then they must be replaced. And if the joint venture is standing in the way of opportunities to create long term value for Xerox shareholders, then we believe scrapping it entirely should be on the table. It goes without saying that we are in complete agreement with Mr. Deason’s view that Xerox should immediately disclose the joint venture agreement with Fuji.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:11.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "209b9932-da1b-4e16-98ed-24f7a5709ab8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "paragraph", "text": "If the long-tenured directors at Xerox continue to refuse to acknowledge that change is needed, then we believe it is mandatory for shareholders to speak up and demand that further new blood be introduced into the boardroom. We do not take these actions lightly. We have a great deal of respect for many of the board members and executives we encounter, often maintaining relationships for long after we cease to have investments in their companies. In fact, in the many decades we have been investing and serving on boards of directors, we cannot recall another situation where relations with a company have deteriorated to such an extent that one of our representatives was forced to take the drastic step of resigning from a board over a disagreement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:11.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dc9abe9-021b-4cb8-91f7-039548d68e3d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "New York, New York, January 18, 2018 – Today Carl C. 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To name just a few examples over the last few years, simply look at eBay, Forest Laboratories, Hologic and Manitowoc. We are hopeful that a change in senior leadership will lead to similar value creation at Xerox. The long-tenured members of the board seem to have their heads in the sand. There is still time for change – but very little time. 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Icahn", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:11.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab487abb-68ae-412c-871d-96c714c8b4b1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.08 }, "kind": "paragraph", "text": "more than play catch-up to competitors and (2) acknowledging that cost-cutting alone is not a formula for changing the current alarming revenue trajectory of “mid-single digit” annual declines.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:11.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbd29657-bd0d-46a6-8e7b-027c0829b846", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.45 }, "kind": "paragraph", "text": "Sincerely yours,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:11.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc55470b-faa7-4188-8149-fe4dc6e51f3c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We will not sit idly by and watch Xerox continue to drift towards extinction. 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