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  "docSlug": "bd05c4f06922",
  "documentTitle": "Xerox Corporation (XRX)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-01-18 00:00:00",
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  "pageNumber": 2,
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  "notes": "The text is a direct attack on the incumbent board members and CEO Jeff Jacobson, framing them as obstacles to value creation.",
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      "text": "We do not believe this team is qualified to run Xerox, let alone some larger combination of Xerox and Fuji.",
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      "kind": "list",
      "text": "William Curt Hunter – Director since 2004; Robert J. Keegan – Director since 2010; Charles Prince – Director since 2008; Ann N. Reese – Director since 2003; and Sara Martinez Tucker – Director since 2011.",
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      "kind": "paragraph",
      "text": "In June of 2016, we entered into an agreement with Xerox... we intend to nominate and seek to elect 4 highly-qualified individuals (Jonathan, Keith Cozza, Jay Firestone and Randy Read) to the board at the 2018 annual meeting.",
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      "kind": "paragraph",
      "text": "Over a year ago, Xerox completed the separation of Conduent... the reins were handed to Jeff Jacobson, an acolyte of Ms. Burns... We believe Mr. Jacobson is incapable of (1) introducing new products that do",
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      "text": "We are not predisposed to approve or disapprove of any transaction with Fuji or any other party... we do not believe this team is qualified to run Xerox, let alone some larger combination of Xerox and Fuji.",
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      "kind": "paragraph",
      "text": "We cannot comment on the accuracy of the Wall Street Journal reports regarding a potential deal between Xerox and Fuji - except to say that, unfortunately, we can confirm the Journal’s statement that Xerox is “languishing.”",
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      "text": "The Xerox board includes several long-tenured directors – the last vestige of the “old guard” – who are a daily reminder of Xerox’s ignoble past under the leadership of former CEO Ursula Burns (who in 2014 was ranked number 4 on Time Magazine’s list of “9 CEOs With the Absolute Worst Reputations”).",
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