Following the scrapping of the $6.1 billion deal with Fujifilm Holdings Corp, Xerox’s outgoing CEO along with 5 of its directors are being replaced with a new management team.

Setting July 31 as the date for its annual shareholder’s meeting, Xerox Corp has appointed John Visentin as its CEO and vice chairman and Keith Cozza as its chairman.

Visentin will be replacing Jeff Jacobson, the outgoing CEO who was the chief architect of the $6.1 billion deal with Fujifilm Holdings Corp.

Earlier this week, the deal was scrapped following a settlement with activist investors Carl Icahn and Darwin Deason which resulted in the handing over of the U.S. company to a new management team.

As part of the settlement, five other directors would also be stepping down.

Visentin was favored to replace Jacobson last year itself. He had been hired by Icahn to assist in his campaign against Xerox.

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Tags: activist investors, Carl Icahn, CEO, chairman, chief executive, Darwin Deason, Fujifilm Holdings Corp, human resources, John Visentin, M&A, management team, mergers and acquisition, Xerox Corp