American global firm Xerox Corp will separate into two independently publicly traded companies later this year, with one company focusing on business process outsourcing, payment processing and other services. The other company will be focused on document technology, which will include its printer and copier business. The split is taking place after Xerox was pressured by activist investor Carl Icahn, who argued that the separate companies would be more valuable. Xerox says Ursula Burns will no longer be CEO after the company splits in two. She has been the Xerox CEO since 2009. Xerox, which has a business process services center in the Philippines, employs over 147,000 people worldwide.
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