Darwin Deason

Last updated
Darwin Deason
Born1940 (age 83–84)
Rogers, Arkansas, US
OccupationBusinessman
Spouse
Katerina Panos
​
​
(m. 2008;div. 2019)​
Children3

Darwin Deason (born 1940) is an American billionaire businessman and political donor. He founded Affiliated Computer Services in 1988, and sold it to Xerox for $6.4 billion in 2010, eventually becoming Xerox's largest individual shareholder (c.12%, as of 2023). [1]

Contents

Career

Deason grew up on a farm near Rogers, Arkansas. [2] He moved to Tulsa, Oklahoma after graduating from high school, and he got a job at Gulf Oil. [2] Deason got a job for a data processing company, and eventually took control of a struggling subsidiary of a Dallas company that he spun out from MBank he renamed MTech. [3] While trying to take MTech private, it was purchased by EDS.

After selling MTech to EDS, Deason founded Affiliated Computer Services (ACS) in 1988. [3] ACS became one of the first companies to outsource office work to places outside of the United States. [2] The company went public in 1994. [2] Deason retired as CEO of the company in 1999, but remained Executive Chairman until its sale to Xerox in 2010. [2]

In 2007, Deason attempted to buy control of ACS with the help of Cerberus Capital Management, but the deal collapsed due to board disagreements, and members of the ACS board resigned in protest. [4] Deason used the opportunity to reconstitute 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 his voting stock, shareholders sued Deason. the suit was settled, and the sale closed in early 2010. [3]

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

Political activity

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

In the 2016 presidential election, Deason again supported Perry, donating $5 million to his campaign. After Perry withdrew from the race in September 2015, Deason asked for his contribution to be returned. [8] Deason then endorsed Ted Cruz's campaign. [9]

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

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

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References

  1. 1 2 Venugopal, Aishwarya (2016-10-31). "Xerox settles with large investor over spin-off". Reuters. Archived from the original on 2018-12-19. Retrieved 2020-01-12.
  2. 1 2 3 4 5 Bandler, James; Forelle, Charles (2006-12-30). "Living Large and Bouncing Back". Wall Street Journal. ISSN   0099-9660 . Retrieved 2020-01-12.
  3. 1 2 3 Kroll, Luisa (7 May 2012). "Billionaire Darwin Deason Spends 'Absolutely Foolish Money' On His 205-Foot Mega-Yacht And Loves Every Moment". Forbes. Retrieved 2020-01-12.
  4. 1 2 Solomon, Steven Davidoff (29 September 2009). "Behind the Gambit in the A.C.S.-Xerox Deal". New York Times. Retrieved 15 October 2015.
  5. ↑ Corkery, Michael (28 September 2009). "Xerox-ACS: A Five Year M&A Odyssey and One Big Pay Day". Wall Street Journal. Retrieved 15 October 2015.
  6. ↑ Larson, Erik (14 October 2016). "Xerox Sued by Darwin Deason Over Plan to Split Core Business". Bloomberg. Retrieved 2020-01-12.
  7. ↑ Ballhaus, Rebecca (17 September 2015). "Perry Exit Leaves Donors Sizing Up Other Republican Candidates". Wall Street Journal. Retrieved 2020-01-12.
  8. ↑ Cheney, Kyle (15 September 2015). "Rick Perry megadonor wants his $5 million 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 Help Finance Anti-Impeachment Ads". PR Watch. Archived from the original on 2020-01-12. Retrieved 2020-01-12.
  11. ↑ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved 28 March 2024.
  12. ↑ Lerner, Adam B. (3 February 2015). "Top Koch donors speak out publicly". Politico. Retrieved 2020-01-12.
  13. ↑ Stolberg, Sheryl Gay; Pear, Robert (23 September 2017). "Why the Latest Health Bill Is Teetering: It Might Not Work". The New York Times. ISSN   0362-4331 . Retrieved 2020-01-12.
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