"A Conduent board member, who was singled out by Carl Icahn’s appointee for contributing to the company’s falling fortunes, has resigned.
The business process outsource company announced the resignation of William G. Parrett, the former chairman of the board, via an 8-K filing, saying Parrett would quit his post on Aug. 26. Fellow board member Joie Gregor, also quit.
Replacing them are Margarita Paláu-Hernández and Kathy Higgins Victor. Paláu-Hernández is the CEO of Hernandez Ventures. She is also a member of the board of directors of Herbalife Nutrition Ltd. and ALJ Regional Holdings, Inc. Higgins Victor is the president and founder of Centera Corp. She is also a member of the board of directors of Best Buy Co. Inc.
The latest shake-up comes as Conduent’s share price fell to its lowest-ever point earlier this month after a worse-than expected earnings. The company has also suspended its search for a permanent CEO following the departure of Ashok Vemuri. Meanwhile, interim CEO Cliff Skelton said the company is in the midst of a strategic review that could put some or all of the company up for sale.
Amidst the turmoil and falling share price, Icahn has been growing his ownership stake in the company. On Aug 13, he bought 4.5 million shares, then three days later he bought another 1.9 million shares, increasing the total shares under his control to 38.1 million, or 18-percent of the company.
Parrett’s departure comes four months after a Conduent board member – and Icahn appointee – Michael Nevin penned a letter of resignation, singling out the company’s former CEO and Parrett for its poor performance ."
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