Xerox Names Anne Mulcahy President25 Jul, 2001
Xerox Names Anne Mulcahy President
STAMFORD, Conn. (AP) - Xerox Corp.'s board appointed Anne M. Mulcahy as president and chief executive officer Thursday, making her one of only five female CEOs of a Fortune 500 company. Mulcahy, formerly president and chief operating officer of the struggling copier and office machine maker, succeeds Paul A. Allaire as chief executive officer effective Aug. 1. Allaire will continue as chairman until his retirement at the end of the year. ``This leadership transition is consistent with the board's plans developed last year when I returned as CEO and Anne was named president and COO,'' Allaire said in a statement. ``The plan called for a gradual transition of leadership with Anne becoming CEO when the board was confident of the effective execution of Xerox's turnaround. Clearly, this requirement has been met.'' Xerox, based in Stamford, has been scrambling for more than a year to cope with stiff competition, a botched sales force reorganization, sluggish sales and a sharp drop in its stock price. The company is in the midst of a turnaround effort that includes the sale of billions of dollars in assets and the reduction of 8,600 jobs since last September. Mulcahy's appointment came a day after Xerox posted a second quarter loss of $281 million and a 13 percent decline in revenue.