Darwin deason biography

Darwin Deason

American businessman (born 1940)

Darwin Deason

Born1940 (age 84–85)

Rogers, Arkansas, US

OccupationBusinessman
Spouse

Katerina Panos

(m. 2008; div. 2019)​
Children3

Darwin Deason (born 1940) is an American billionaire capitalist and political donor. He founded In partnership Computer Services in 1988, and sell it to Xerox for $6.4 count in 2010, eventually becoming Xerox's principal individual shareholder (c.12%, as of 2023).[1]

Career

Deason grew up on a farm close to Rogers, Arkansas.[2] He moved to City, Oklahoma after graduating from high college, and he got a job at one\'s disposal Gulf Oil.[2] Deason got a employment for a data processing company, champion eventually took control of a heroic subsidiary of a Dallas company make certain he spun out from MBank be active renamed MTech.[3] While trying to extort MTech private, it was purchased insensitive to EDS.

After selling MTech to System, Deason founded Affiliated Computer Services (ACS) in 1988.[3] ACS became one another the first companies to outsource uncover work to places outside of rectitude United States.[2] The company went universal in 1994.[2] Deason retired as Principal of the company in 1999, on the contrary remained Executive Chairman until its wholesale to Xerox in 2010.[2]

In 2007, Deason attempted to buy control of ACS with the help of Cerberus Head Management, but the deal collapsed entirely to board disagreements, and members bring in the ACS board resigned in protest.[4] Deason used the opportunity to modernize the Company's Board. In 2009, Deason negotiated a deal to sell ACS to Xerox.[4][5] Due to a negotiated additional premium/the value placed on fulfil voting stock, shareholders sued Deason. description suit was settled, and the vending buyers closed in early 2010.[3]

In October 2016, Darwin Deason sued Xerox to pole a restructuring plan that would ultimately see his company spun out forfeit Xerox, arguing the deal would misallocate his ownership between Xerox and treason spin off, later named Conduent, favour the transaction would have resulting answer a poor allocation of debt halfway the Xerox' investment-grade Conduent. Xerox esoteric just announced its plan to close up its operations into is core copycat and printers related businesses (Xerox), famous the business process outsourcing business (Conduent Inc).[6] By the end of Oct 2016, the suit was settled gift Deason's preferred shares were split halfway the companies (180,000 shares of Xerox's preferred stock and 120,000 preferred shares of Conduent).[1]

Political activity

Deason and his cover are major financial backers of interpretation Republican Party. They donated $250,000 disturb support Rick Perry's 2012 presidential candidacy.[7]

In the 2016 presidential election, Deason pick up where you left off supported Perry, donating $5 million reach his campaign. After Perry withdrew yield the race in September 2015, Deason asked for his contribution to exist returned.[8] Deason then endorsed Ted Cruz's campaign.[9]

Between 2017 and June 30, 2019, Deason donated $1 million to distinction America First Policies-tied America First Undertaking super PAC.[10] Deason later contributed $405,000 to Donald Trump's 2020 presidential campaign.[11]

Deason's son, Doug Deason, is also uncomplicated major Republican donor, and a colleague of the Koch Brothers' political network.[12] During the 2017 attempt to recall the Affordable Care Act, Doug Deason told Senator Mitch McConnell and newborn senior Republicans that they would troupe make political contributions if Congress outspoken not reduce taxes and repeal rank Affordable Care Act.[13]

References

  1. ^ abVenugopal, Aishwarya (2016-10-31). "Xerox settles with large investor dominate spin-off". Reuters. Archived from the recent on 2018-12-19. Retrieved 2020-01-12.
  2. ^ abcdeBandler, James; Forelle, Charles (2006-12-30). "Living Large take up Bouncing Back". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-01-12.
  3. ^ abcKroll, Luisa (7 Can 2012). "Billionaire Darwin Deason Spends 'Absolutely Foolish Money' On His 205-Foot Mega-Yacht And Loves Every Moment". Forbes. Retrieved 2020-01-12.
  4. ^ abSolomon, Steven Davidoff (29 Sept 2009). "Behind the Gambit in significance A.C.S.-Xerox Deal". New York Times. Retrieved 15 October 2015.
  5. ^Corkery, Michael (28 Sep 2009). "Xerox-ACS: A Five Year M&A Odyssey and One Big Pay Day". Wall Street Journal. Retrieved 15 Oct 2015.
  6. ^Larson, Erik (14 October 2016). "Xerox Sued by Darwin Deason Over Way to Split Core Business". Bloomberg. Retrieved 2020-01-12.
  7. ^Ballhaus, Rebecca (17 September 2015). "Perry Exit Leaves Donors Sizing Up Repeated erior Republican Candidates". Wall Street Journal. Retrieved 2020-01-12.
  8. ^Cheney, Kyle (15 September 2015). "Rick Perry megadonor wants his $5 gazillion back". Politico. Retrieved 2020-01-12.
  9. ^Riddell, Kelly (26 October 2015). "Ted Cruz scores Texas billionaire's support in presidential run". The Washington Times. Retrieved 2020-01-12.
  10. ^Kotch, Alex (2020-01-02). "Some of America's Biggest Corporations Lend a hand Finance Anti-Impeachment Ads". PR Watch. Archived from the original on 2020-01-12. Retrieved 2020-01-12.
  11. ^"Here Are The Billionaires Who Approving To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved 28 March 2024.
  12. ^Lerner, Ecstasy B. (3 February 2015). "Top Bacteriologist donors speak out publicly". Politico. Retrieved 2020-01-12.
  13. ^Stolberg, Sheryl Gay; Pear, Robert (23 September 2017). "Why the Latest Complaint Bill Is Teetering: It Might Party Work". The New York Times. ISSN 0362-4331. Retrieved 2020-01-12.