Xerox

(XRX) - Get Report

dropped in the premarket on news the company is reassigning its controller and planning to sell $500 million of convertible preferred securities.

According to the

Wall Street Journal

, Xerox shifted Gregory Tayler to treasurer from controller, moving Gary Kabureck into his old post. According to the story, the move came at the behest of the company's auditors. Xerox has fended off accusations of accounting irregularities in recent years.

The copy maker also said it plans to sell $500 million of redeemable convertible trust preferred securities in a private placement. Proceeds will be used for corporate purposes and to reduce existing debt.