HP Indigo’s top boss to leave the company

Alon Bar-Shany,HP indigo’s veteran general manager is set to leave the company. According to a report in business and technology news site CTech his departure is part of re-organization being carried out in the company. Also according to a source within the company,HP’s decision to carry out the restructuring met with the fierce opposition from Bar – Shany who will be replaced by Haim Levit, an HP veteran.

The shocking news comes in the midst of a long tug of war between Xerox and HP in a hostile takeover bid driving by Carl Ichan, the investor activist. Xerox dropped its bid on March 31.   In a statement issued by Xerox the company said: The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc. (NYSE: HPQ) (“HP”). Accordingly, we are withdrawing our tender offer to acquire HP and will no longer seek to nominate our slate of highly qualified candidates to HP’s Board of Directors.

While it is disappointing to take this step, we are prioritizing the health, safety and well-being of our employees, customers, partners and other stakeholders, and our broader response to the pandemic, over and above all other considerations.

There remain compelling long-term financial and strategic benefits from combining Xerox and HP. The refusal of HP’s Board to meaningfully engage over many months and its continued delay tactics have proven to be a great disservice to HP stockholders, who have shown tremendous support for the transaction.

Xerox’s Board of Directors and management team are grateful for the significant backing we received from both Xerox and HP stockholders throughout this process. We thank the talented individuals who agreed to stand for election to the HP Board, making time in their busy schedules to take on this responsibility when HP’s existing Board did not. And finally, we thank the banks who agreed to finance this acquisition, who never wavered in their commitments, even during the market turmoil caused by COVID-19.