Xerox is reportedly gearing up to announce that it will break itself apart and form two new companies, bowing to pressure from activist investor Carl Icahn. The news is supposedly scheduled to be announced on Friday during the company’s fourth quarter earnings. The well-known business and digital printing company will divide itself into two entities: one centered around hardware and another for services.

For his efforts, Icahn is said to be taking three board seats at the services company.

According to the Wall Street Journal, the split would cause Xerox to narrow its focus and “slim down.”

In November, Icahn made a move for Xerox, not only picking up an additional 7.1 percent stake in the company, but saying that its shares are “undervalued.” His investment in the company is believed to make him the second-largest shareholder — he now owns more than 82 million shares in the firm.

In its Q3 FY2015 earnings report, the company had revenue of $4.3 billion, a decrease of 10 percent from the same time last year; 57 percent, or $2.5 billion, of that came from its services division (excluding Xerox’s Health Enterprise charge), while its Document Technology business made up the remainder of $1.8 billion, down 12 percent. With Icahn taking board seats in the most profitable part of Xerox, he’s hoping to turn that into a profitable and successful company.

When the news broke, shares in Xerox jumped to an all-day high of $9.97 before closing at $9.23, the same price that it opened the day at. In after-hours trading, its stock is down 1.95 percent.

A Xerox spokesperson declined to comment.