Xerox Names John Visentin New CEO; Sets 2018 Annual Meeting Date

Xerox announced that its Board of Directors has appointed John Visentin as CEO. Visentin was also elected vice chairman of the Board of Directors. Keith Cozza was elected chairman of the Board of Directors.
 
Xerox also announced that it will hold its 2018 Annual Meeting of Shareholders on July 31, 2018. The Board of Directors has fixed the close of business on June 13, 2018 as the record date for the 2018 Annual Meeting. The company will continue to waive the advance notice bylaw to enable any Xerox shareholder to provide notice of intent to nominate directors for election or propose business at the 2018 Annual Meeting until June 13, 2018.
 
In order to replace the value of certain compensation Visentin is forfeiting in order to join Xerox, the independent members of the Board of Directors approved an award of 350,755 restricted shares of Xerox common stock which will vest upon the earliest of (1) May 1, 2019, subject to his continuous employment through such date, (2) voluntary termination for good reason or termination by the company without cause, (3) termination due to death or disability or (4) a change in control.