Xerox has terminated its merger agreement with Fujifilm, according to a statement from the company Sunday night. 

Instead, Xerox has reached a new deal with Carl Icahn and Darwin Deason.

Five members of Xerox's board of directors have resigned, including now-former CEO Jeff Jacobson. 

John Visentin will take over as Vice Chairman of the board and CEO. 

According to the company, Fujifilm failing to deliver audited financial information by an April 15 deadline played a role in the decision to get rid of the deal.