Just one day after billionaire investor Carl Icahn disclosed that he has become Xerox Corp.’s second biggest shareholder, the company’s stock is down almost 2%, bringing its year-to-date loss to about 24%.
Icahn thinks that the stock is undervalued.
Xerox has long struggled with weak demand in an increasingly digital world, and efforts to transform and diversify its business have not been successful.
Just a month ago, the company announced a strategic review was not satisfied with its performance. Adding to the gloom, Chief Financial Officer Kathryn Mikells left earlier in October to become CFO of drinks company Diageo PLC.
Credit Suisse analysts wrote in a note that says: “We believe the involvement of Carl Icahn couldunlocking shareholder value,” and “We also note that he may have input in the selection of the new CFO of the company, given his background in advising companies across various industries.”
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