Xerox’s share price dropped yesterday (30 June) following the unexpected death of its vice chairman and CEO John Visentin, while activist investor Carl Icahn is yet to comment on the situation.
https://www.printweek.com/news/article/xerox-shares-fall-no-word-from-icahn
It may have been unexpected....I remember years ago one of my operators had stage 4 lung cancer (heavy smoker) and looked ok before lunch. Went to her daily treatment and was dead mid afternoon from a heart attack brought on by the chemo dr-gs.
So I guess it's possible however he didn't look like he was going to recover anytime soon...Just buying time with deadly dr-gs. Sometime the treatment is worse than the disease.
Was the death unexpected? What happened anyway? I remember posts on here last year or early this year saying there was something wrong with him as he looked terrible on the town hall meeting.
The problem is, it keeps falling. It wasn't just a one day drop after the news came out. It was down 5% again on Friday and as of the close is barely over $14 a share.
The main problem isn't the passing of JV. The problem is that there's no strong candidate sitting in the wings that can take over, and nothing has been said about a search for a new CEO. Normally when things like this happen the Board of Directors says who will be temporarily taking over, but also that "a comprehensive search for a new CEO will be taking place" No one has said anything about a new search though.
Sure SB is a good operational person. And maybe he'd be a good CEO. Although, what they probably want is just a "yes" man to take orders from Icahn and the board, so lots of people could fill that role.
If I had to guess I would say that any plans they had will be accelerated now. And if they didn't have any plans (fairly likely considering who were talking about) who knows what they'll do.
I wouldn't read too much in a falloff in price after an unexpected death. Investors don't like uncertainty.
It would be un-American for me to not come check this site out to relax with a beer after two hours of the yellow runs. Im really starting to believe this is all about money and the stock market. Im in xbs finance and if you have cash you might as well invest before they release the new release 💯
Good time for Carl to buy more equity and sell sell sell. Your jobs will go buy buy buy !!
Carl will just buy some more xrx from the clearance bucket. Playa, Playa play on