New York State Supreme Court Judge Barry Ostrager temporarily blocked Xerox from proceeding with its proposed sale of a majority stake to Fujifilm Holdings. Xerox shareholders alleged that Fuji leveraged the desire of Xerox CEO Jeff Jacobson to keep his job after the board had threatened to fire him to obtain a sweetheart deal for itself and at Xerox investors' expense, according to a release from shareholder law firm Grant and Eisenhofer.
Xerox announced May 3 that the current board of directors and management team, including CEO Jeff Jacobson, will remain in place.
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