The 15 Biggest News Stories Of 2016 (So Far)

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9. Xerox To Split Into Two Companies

Xerox, which fell to No. 150 on this year's Fortune 500, has struggled in recent years to find its strategic footing. Last October, after reporting its worst quarterly revenue since 2009, the company announced a review of its operations to determine the best course of action for its future. Further complicating the company's efforts was activist investor Carl Icahn's ownership of more than 7 percent of Xerox outstanding shares.

In January Xerox announced a plan to split into two companies. One, retaining the Xerox name, will focus on printers and document management hardware and generated $11 billion in revenue in 2015. The other, which will become a $7 billion company named Conduent, will provide business process outsourcing and managed services.

The companies expect to complete the split by the end of this year and current CEO Ursula Burns will step down.

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