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Jeff Jacobson foregoes “golden parachute”

Jeff Jacobson foregoes “golden parachute”

May 29, 2018

Jeff Jacobson, former CEO of Xerox.

The outgoing CEO of Xerox, ousted as a result of the armistice between the OEM and its major shareholders, has given up a multi-million dollar farewell payment.

Jacobson resigned as part of the settlement between Xerox and its major shareholders Carl Icahn and Darwin Deason, following a long-running and tortuous battle to halt the proposed Fuji Xerox merger.

With the deal seemingly euthanised for now, the New York Post has reported that by choosing to step aside rather than be fired as CEO, Jacobson has foregone a two-year severance package, “with salary and benefits”, worth $18 million (€15.6 million).

According to the newspaper, “Jacobson gave up the cushy exit in exchange for Icahn and Xerox agreeing to give him immunity from civil lawsuits over the Fujifilm deal.” The two shareholders had previously launched a lawsuit against the CEO in order to stop the merger, with Judge Barry Ostrager ruling Xerox shareholders had “probably cause” to sue Jacobson for “bad faith.”

Jacobson was suceeded as CEO of Xerox by John Visentin, with five other members of the Board of Directors also being replaced.

Categories : Around the Industry

Tags : Fuji Xerox Jeff Jacobson OEM Xerox

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