December 12, 2017 / 2:28 PM / 9 months ago

Xerox 'desperately' needs new leadership, Icahn says

(Reuters) - Activist investor Carl Icahn said on Tuesday Xerox Corp (XRX.N) “desperately” needed new leadership, arguing that the printer manufacturer was slow to launch new products and grow revenue.

FILE PHOTO: The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo

Icahn’s remarks, in an open letter to Xerox shareholders, come a day after he named four nominees to the company’s board of directors.

The nominations followed the resignation of Jonathan Christodoro, whom Icahn placed on Xerox’s board last June. Christodoro had a difference of opinion with the board.

On Monday, Xerox backed its yearly earnings forecast and highlighted the 30 percent increase in its stock price this year as a sign of investor confidence.

"To be clear, the primary reason Xerox stock is up 30 percent year-to-date is the Conduent spin-off that I spent over a year fighting for," Icahn said in the letter. bit.ly/2APy8a5

Xerox split itself in two last year, spinning off its business process outsourcing unit into Conduent Inc (CNDT.N).

Reporting by Laharee Chatterjee and Arjun Panchadar in Bengaluru; editing by Sai Sachin Ravikumar

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