Xerox Corp. late Thursday said its existing board and management would stay in place after an agreement with two of its biggest shareholders to oust the company’s chief executive and shuffle the board expired.

The company said in a news release that the agreement with Carl Icahn and Darwin Deason, reached Tuesday, had expired at 8 p.m. ET on Thursday without the execution of “stipulations discontinuing the Deason litigation with respect to the Xerox defendants.” As a result, the current board of directors and management team will remain in place, the company said.

“The brazen self-interest of the Xerox board defies description.”
Investors Carl Icahn and Darwin Deason

Early Friday, Icahn and Deason said in a news release that they and the current board couldn’t agree on certain measures for the board’s legal protection. The activist shareholders didn’t elaborate on those measures.

Under the settlement agreement struck Tuesday, Xerox’s chief executive, Jeff Jacobson, had been set to resign and the board was to be overhauled, with John Visentin set to be named as the company’s next CEO.

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Xerox CEO to stay put after all, as deal with activist investors expires