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Jeff Jacobson to Become CEO of Xerox Corp.

Thursday, June 30, 2016  
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Xerox has announced that its board of directors appointed Jeff Jacobson to be CEO of Xerox Corp. following the completion of the company's planned separation into two publicly traded companies. Jacobson currently serves as president of Xerox Technology and will continue in his current role until the separation is complete.

"Jeff is a great leader with a passion for our business and employees, deep customer relationships and a clear strategic vision to capitalize on the opportunities ahead," said Ursula Burns, chairman and CEO, Xerox. "During his four years at Xerox, Jeff has driven significant productivity and cost-efficiency efforts while maintaining our commitment to innovation, quality and leading technology. With his previous public-company CEO experience and his track record and achievements at Xerox, the board and I are confident he is the best person to lead Xerox forward."

An industry veteran, Jacobson joined Xerox in 2012 as the president of global graphic communications operations. He became the president of the Xerox Technology business in 2014, with responsibility for worldwide strategy, sales channel operations, marketing, technical services and customer support, product development, manufacturing and distribution. Prior to Xerox, he served as the president, CEO and chairman of Presstek, a supplier of digital offset printing solutions, where he drove a global expansion program.

"I am honored by the board's decision to appoint me to lead one of the world's most iconic companies and confident that we will build a bright future for Xerox on the foundation of disciplined management, operational excellence and customer focus that is in place today," Jacobson said. "As an independent company, and with the benefit of the strategic transformation we are aggressively implementing, we will capture the many opportunities available to us to strengthen core businesses and pursue select growth opportunities."

"Jeff is clearly the right leader for Xerox's document technology company," said Ann Reese, lead independent director, Xerox. "The board employed a rigorous internal and external search and undertook a thoughtful process to identify the right talent. Jeff has shown he is well-equipped to execute on the work we are doing now and to leverage future opportunities for the benefit of our shareholders, clients, partners and employees."

On Jan. 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies — Xerox, which will be comprised of the company's document technology and document outsourcing businesses, and Conduent, a business process services company. The company is on track to complete the separation by the end of 2016.

Xerox will be a global leader in document management and document outsourcing with technology, solutions and innovations. With $11 billion in 2015 revenue, the company will continue to be a partner to its customers, helping them improve productivity, workflow and business performance through Xerox's deep understanding of how, why and where people work.

Conduent will be a business process services leader that helps businesses and governments manage transaction-intensive processes at a large scale. With approximately $7 billion in 2015 revenue — 90 percent of which is annuity-based — the company is focused on attractive growth markets including transportation, health care, commercial and government services.

In other news, Xerox and Carl C. Icahn have announced that they have entered into an agreement under which Jonathan Christodoro has been appointed to the Xerox Board of Directors, effective immediately. Christodoro will also join the board's corporate governance and finance committees. With the addition, the Xerox board is now comprised of nine directors. Additional details regarding the agreement will be included in a Form 8-K to be filed by Xerox.

Christodoro is managing director of Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., Xerox's largest shareholder. He currently serves as a director on the boards of American Railcar Industries Inc., Cheniere Energy Inc., Enzon Pharmaceuticals Inc., Herbalife Ltd., Lyft Inc. and PayPal Holdings Inc.

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