The Norwalk, Conn.-based document technology and IT services company experienced the biggest rank drop on this year’s Fortune 500, plummeting 129 spots to No. 291, and was weighed down by a 40.1% dip in revenue due in part to a continued decline in office printing and copying. At the end of fiscal year 2017, Xerox sought to gain scale and cut costs by agreeing to a takeover by Fujifilm. But in early 2018, pressure from activist investors Carl Icahn and Darwin Deason scuttled the deal that would have handed control of the 112-year-old printing pioneer to the Japanese company.
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“Xerox has recently been subject to the whims of activist investors Carl Icahn and Darwin Deason."
“We won’t do it. We have our own shareholders that we have to think about.”
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A tale “so crazy you’d be amazed to see it on 'Billions.' "