Mubasher: Document technology producer Xerox Corp had reportedly asked CEO Jeff Jacobson to halt discussions with Fujifilm Corporation as the company was considering firing him.
Despite the board’s opposition, Jacobson had “raced to strike a complex deal” with the Fujifilm in an attempt to ensure that the board does not cut him loose, MarketWatch reported, citing a newly-amended lawsuit.
Xerox’s board eventually decided to keep Jacobson and approved the Fujifilm deal.
“Communications disclosed Sunday in a lawsuit filed by billionaire investor Darwin Deason allege the CEO negotiated to sell the company — and keep his own job — while pushing the acquirer to help him avoid being ousted under pressure by Carl Icahn, his biggest investor,” MarketWatch said.
On Sunday, Xerox chairman Robert Keegan stated that Jacobson was “fully authorised to engage in discussions with Fujifilm.”