3 December 2001
For additional Information contact:
Leslie F, Varon
Vice President & Secretary
Fax (203) 968-4301
James A Ramsey
Director Investor Relations
Fax (203) 968-3941
Cynthia B. Johnston
Manager, Investor Relations
Fax (203) 968-3944
ANNE MULCAHY ELECTED CHAIRMAN OF THE XEROX BOARD
STAMFORD, Conn,, Dec. 3, 2001 - The Board of Directors of Xerox Corporation
(NYSE: XRX) today elected Anne M. Mulcahy, president and chief executive
officer, to the additional post as chairman, effective Jan. 1, 2002. Mulcahy
succeeds Paul A. Allaire, who has been chairman since 1991 and will retire from
the Xerox Board at the end of this year.
'Anne has won the respect of the Board and Xerox people through her effective
execution of Xerox's turnaround and the focused direction she has set for the
company's future,' said Allaire. 'This appointment is a strong vote of
confidence in Anne's dynamic leadership and her commitment to accelerating the
power of the Xerox brand through innovative technology and services. She's the
right person at the right time to lead the growth and success of Xerox.'
Mulcahy, 49, was named chief executive officer of Xerox in August, following her
appointment in May 2000 as president and chief operating officer. Since that
time, Mulcahy has led the company's progress in achieving its turnaround targets
including selling $2.2 billion in assets, reducing costs by more than $1
billion, transitioning equipment financing to third-parties, and strengthening
Xerox's core growth opportunities in the production printing, networked office
and document services markets.
She began her 25-year Xerox career as a field sales representative in Boston and
assumed increasingly responsible management and executive positions, including
chief staff officer and president of Xerox's General Markets Operations.
Allaire, 63, was named president of Xerox in 1986 and chief executive officer in
1990. He is credited for reinventing Xerox in the 1990s from a predominantly
black-and-white light lens copier company to a digital, color and document
solutions enterprise. Under his leadership, Xerox launched breakthrough
technologies that created new market opportunities and influenced the industry's
transition to digital, including DocuTech production publishing systems,
DocumentCentre networked multifunction devices, and DocuColor digital color
Allaire joined Xerox in 1966 as a financial analyst in Rochester, N.Y. Prior to
his appointments as president and chief executive officer, he held such
positions as chief staff officer and managing director of Rank Xerox, now Xerox
Mulcahy will assume the title of chairman and chief executive officer on Jan. 1,
2002. At that time, the position of president will be eliminated.
For additional information about The Document Company Xerox, please visit our
Worldwide Web site at www.xerox.com/investor.
This release contains forward-looking statements and information relating to
Xerox that are based on our beliefs as well as assumptions made by and
information currently available to us. The words 'anticipate,' 'believe,'
'estimate,' 'expect,' 'intend,' 'will' and similar expressions, as they relate
to us, are intended to identify forward-looking statements. Actual results could
differ materially from those projected in such forward-looking statements.
Information concerning certain factors that could cause actual results to differ
materially is included in the company's Form 10-Q for the quarter ended
September 30, 2001.
XEROX(R), The Document Company(R) and the digital X(R) are trademarks of XEROX