NORWALK, Conn, May 23, 2017 - At its annual meeting of shareholders today, Jeff Jacobson, CEO of Xerox Corporation (NYSE: XRX), discussed the company’s financial performance in 2016, and outlined the company’s strategy to enhance value for Xerox shareholders.
In his address to shareholders, Jacobson commented, “Our foundation is strong, our product portfolio is as deep as it has ever been, and our customers are responding to our renewed focus on the document technology market.” He added, “This is a new Xerox and we are bringing innovative solutions to the market that will strengthen our business and enable attractive returns to our shareholders.”
As previously announced, Chairman of the Board Ursula M. Burns retired from the Xerox Board of Directors, effective today, and Robert Keegan has been named non-executive chairman. Keegan has been a director since 2010 and formerly served as chief executive officer and president of The Goodyear Tire & Rubber Company.
“Throughout Ursula’s career, she has demonstrated a passion and love for the company. We admire her personal and professional commitment to our success,” said Jacobson. “I look forward to working more closely with Bob as he steps into the chairman role. His experiences leading businesses through turnarounds continues to be a great benefit to the Xerox team.”
Also at the annual meeting, shareholders elected by a majority vote all members of the Xerox board of directors: Gregory Q. Brown, Jonathan Christodoro, Joseph J. Echevarria, William Curt Hunter, Jeffrey Jacobson, Robert J. Keegan, Cheryl Gordon Krongard, Charles Prince, Ann N. Reese,Stephen H. Rusckowski and Sara Martinez Tucker.
In a separate vote, shareholders ratified the selection of PricewaterhouseCoopers LLP as the company’s independent, registered public accounting firm for 2017.
Today, the company announced that its board of directors declared a quarterly cash dividend of 6.25 cents per share on Xerox common stock. The dividend is payable on July 31, 2017 to shareholders of record on June 30, 2017. The dividend will be adjusted on a proportional basis to reflect the one-for-four reverse stock split approved by Xerox shareholders at today's annual shareholders meeting if, as anticipated, the reverse stock split becomes effective prior to the dividend payment date.
The board also declared a quarterly cash dividend of $20 per share on Xerox Series B Convertible Perpetual Preferred Stock. The dividend is payable on July 1, 2017 to shareholders of record on June 15, 2017.