On January 18, 2018m, Icahn Capital LP sent a letter to shareholders of Xerox Corporation stating that it has shown time and time again that replacing an ineffective CEO can lead to billions and billions of dollars of value creation for all shareholders. In addition, Icahn Capital expressed its view that a change in senior leadership will lead to similar value creation at the Company. Further, Icahn Capital stated that the long-tenured members of the board seem to have their heads in the sand.