Here Are The 11 HP Board Hopefuls That Xerox Has Nominated
The list of candidates includes past and present senior executives from dozens of the world’s leading companies, including Aetna, United Airlines, Hilton Hotels, Novartis and Verizon.
Taking It To The Voters
In its latest push to buy HP Inc., Xerox has nominated a full slate of directors for the printer giant with an aim to replace a board that already shot down its buyout offer.
A vote – set to take place this summer at HP’s 2020 annual stockholders meeting – could turn into a referendum on Xerox’s offer to buy the much larger HP. The copier’s bid for HP is $22 a share – $17 in cash, plus .137 shares of Xerox for each share of HP – has been shot down by the current HP board of directors.
In an announcement yesterday, Xerox CEO John Visentin said HP shareholders are backing Xerox’s offer.
“HP shareholders have told us they believe our acquisition proposal will bring tremendous value,” he said. “We believe HP shareholders will be better served by a new slate of independent directors who understand the challenges of operating a global enterprise and appreciate the value that can be created by realizing the synergies of a combination with Xerox.”
Below is a list of their nominees.
Betsy Atkins
Most recent position: CEO of Baja Corp., a venture capital firm
Other board posts: Wynn Resorts, SL Green Realty
Atkins founded Baja Corp. to make investments in technology, energy and life science. She previously co-founded Ascend Communications, which she sold to Lucent Technologies for $23 billion in 1999. In addition to her current board posts, Atkins previously served on the boards of Schneider Electric, Cognizant Technology Solutions, HD Supply Holdings and Darden Restaurants, Xerox said.
George Bickerstaff
Most recent position: Co-founder and managing director of M.M. Dillon & Co.
Other boards: Axovant Sciences, Innoviva
Before his current venture, founding and leading, healthcare and technology investment bank M.M. Dillion & Co., Bickerstaff was CFO of Novartis Pharma AG. With his past experience – which includes work on the board of ARIAD Pharmeceuticals – Bickerstaff has decades of leadership in the healthcare, technology, and pharmaceutical field, Xerox said.
Carolyn Byrd
Most recent position: CEO and Chair of GlobalTech Financial
Other boards: Regions Financial Corp.
Byrd founded GlobalTech Financial, in 2000 after a career at The Coca-Cola Company, where she worked as president of Coca-Cola Financial Corp. In addition to her current board seat at Regions Financial Corp., she previously served on the boards of Freddie Mac, Popeyes Louisiana Kitchen, and the St. Paul Companies. WomenInc. named Byrd one of 2018’s most influential corporate directors, Xerox said.
Jeannie Diefenderfer
Most recent position: Founder, CEO of courageNpurpose
Other boards: Windstream Holdings, Board of Trustees of Tufts University
During her 28 years at Verizon, Diefenderfer led the integration of GTE into Bell Atlantic after GTE was acquired in an all-stock deal valued at $52.8 billion. Her consulting firm courageNpurpose, advises CEOs and boards of directors. In addition to her current board seats Diefenderfer is a member of the Workforce Development & Support Advisory Panel at the U.S. National Security Agency, Xerox said.
Kim Fennebresque
Most recent position:
Other boards: Ally Financial, BlueLinx Holdings and Albertsons Companies
Fennebresque was in charge of the Corporate Finance and Mergers & Acquisitions departments at UBS as well as the Investment Banking division at Lazard Freres & Co. Prior to that, he was CEO of Cowen Group. His past board experience includes TEAK Fellowship and the Rockefeller Brothers Fund Finance Committee, Xerox said.
Carol Flaton
Most recent position: Managing Director at AlixPartners
Other boards: EP Energy Corporation, Jupiter Resources
Flaton specializes in restructuring, turnarounds, enterprise improvement and digital consulting. Before she worked at AlixPartners, she had senior positions at Lazard Freres & Co. and Credit Suisse, Xerox said.
Matthew Hart
Most recent position: President and chief operating officer of Hilton Hotels
Other boards: American Airlines, American Homes 4 Rent and Air Lease Corp.
Hart worked at Hilton Hotels until the time it was bought by Blackstone in 2007. His previous board experience includes seats on the boards of U.S. Airways, Kilroy Realty Corporation and America West Holding. Hart has experience as a senior operating and finance executive for Hilton, Walt Disney and Marriott, Xerox said.
Fred Hochberg
Most recent position: Chairman and president of the Export-Import Bank of the United States
Other boards: Fusion Telecommunications International (2009)
Prior to his tenure as the longest serving chairman of the Export-Import Bank of the U.S., Hochberg was commissioner of the Port Authority of New York and New Jersey, deputy administrator of the U.S. Small Business Association and president and COO of Lillian Vernon Corp., which he grew from revenues of $5 million in 1975 to $180 million in 1993. He has career experience in global trade and modernizing large, complex organizations, Xerox said.
Jacob Katz
Most recent position: National Managing Partner and Global Leader, Finance Services at Grant Thornton (retired 2016)
Other boards: Jefferies Financial Group and Herc Holdings.
Katz retired from Grant Thornton, a leading independent audit, tax and advisory firm, in 2016. During his almost 40 year career at the company he worked in several leadership roles, including as Chairman, New York. Xerox said his knowledge of many different industries gained during his time with Grant Thornton gives him experience in public company financial and accounting matters.
Nichelle Maynard-Elliott
Most recent position: Executive Director of Mergers & Acquisitions for Praxair
Other boards: Element Solutions
Maynard-Elliott helped lead Praxair through its $90 billion merger with the Linde Group in 2018, Xerox said. She has been on the board of Element Solutions, which helps manufacturing customers with electronic circuitry, communication infrastructure, automotive systems, industrial surface finishing, consumer packaging, and offshore energy, since 2016. Xerox said Maynard-Elliott has extensive experience in finance, law, mergers and acquisitions and business development.
Thomas Sabatino, Jr.
Most recent position: Executive Vice President and General Counsel of Aetna
Other boards: Teligent
Sabatino, has held numerous executive leadership positions at global companies, including Hertz, Walgreens and United Airlines, where he helped lead the company through its merger with Continental Airlines. Xerox said Sabatino has expertise in corporate governance, crisis management, mergers and acquisitions and complex litigation resolution.