Carl Icahn increased the number of shares in Xerox Corp. (NYSE: XRX) that he holds, a decision he may regret. The market continues to pressure the copier company’s shares, as questions about its viability as an independent public corporation dog it. Xerox shares have dropped 31% in the past year.

The one-year slide represents skepticism about whether Xerox can be turned around, a process that management says has been ongoing for several quarters. CEO Ursula Burns has held her job since 2009. Critics claim she spends too much time away from management and participating in public forums. One of her recent comments reflects her view of how businesses should work:

As I’ve progressed in my career, I’ve come to appreciate — and really value — the other attributes that define a company’s success beyond the P&L: great leadership, long-term financial strength, ethical business practices, evolving business strategies, sound governance, powerful brands, values-based decision-making.

While no one would criticize Xerox’s ethics, Burns’s focus on long-term financial strength, governance, brand management and great leadership are another matter.

While Xerox’s profit and loss figures have deteriorated, so has the value of its brand. According to the Interbrand Best Global Brands analysis for 2015, the value of the Xerox brand dropped 9% to $6 billion, part of an ongoing decline in the rankings.

The deepest concern about Xerox is that it cannot halt the decline in its earnings and revenue. Third-quarter revenue dropped 10% to $4.3 billion, compared to the same quarter a year ago. Net income swung from $266 million in the third quarter of 2014 to a loss of $34 million.

Worry about Xerox’s future has also translated into employee attitudes about their jobs and Burns’s stewardship. Recent data from Glassdoor show employees rate Xerox at 2.6, well below the average for all companies evaluated. Burns’s CEO rating is 37%, a dismal assessment.

The Xerox board has run low on options. Sell the company, probably in pieces, to give investors some return, or fire Burns and hope new management can do what she has not been able to do.

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