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Xerox Holdings Corp (NASDAQ:XRX) announced in a recent SEC filing that its shareholders approved an amendment to its equity and performance incentive plan during the annual meeting held on May 21, 2025. The amendment, which was adopted by the board subject to shareholder approval, increases the number of shares available for issuance under the plan by 6,682,000 shares and removes references to incentive stock options. The decision comes as Xerox’s stock has faced significant headwinds, with InvestingPro data showing a 64% decline over the past year and current trading at $4.85 per share.
The plan, originally approved on May 22, 2024, has a term ending on May 22, 2034, or an earlier date as determined by the Compensation and Human Capital Committee of the Board of Directors. The amendment became effective immediately following the shareholder approval. Despite recent challenges, the company has maintained its dividend payments for 19 consecutive years, currently yielding 2.22%.
Additionally, the filing detailed the voting results of the annual meeting. All director nominees were elected with a majority of votes. PricewaterhouseCoopers LLP was ratified as the company’s independent registered public accounting firm for 2025. The 2024 compensation of the company’s Named Executive Officers was approved on an advisory basis.
The filing from Xerox, a company incorporated in New York and headquartered in Norwalk, Connecticut, also included the full text of the plan amendment in its Exhibit 10.1. The document is based on a press release statement and provides a summary of the key events and decisions from the 2025 Annual Meeting.
In other recent news, Xerox Holdings Corporation reported a challenging first quarter of 2025, with earnings and revenue falling short of expectations. The company posted an adjusted loss per share of $0.06, missing the forecasted earnings per share of $0.10, while revenue reached $1.46 billion, below the expected $1.54 billion. Despite these results, Xerox maintained its full-year guidance, anticipating minimal tariff-related impacts in the second quarter. In a strategic move, Xerox announced a reduction in its quarterly dividend to $0.025 per share ahead of its planned acquisition of Lexmark International. This acquisition, valued at $1.5 billion, is expected to be finalized in the third quarter of 2025, pending regulatory approvals. As part of the integration process, Xerox appointed key Lexmark executives to its leadership team, including Billy Spears and Chuck Butler, to drive innovation and growth. Additionally, the company completed a private offering of $100 million in senior secured notes to fund the Lexmark acquisition and repay Lexmark’s outstanding debt. Meanwhile, Loop Capital analysts revised Xerox’s stock price target to $4.50 from $5.50, maintaining a Hold rating following the mixed first-quarter earnings report.
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