NORWALK, Conn.– At today’s Xerox Corporation (NYSE: XRX) annual meeting of shareholders, Ursula Burns assumed the role of chairman of the company, succeeding Anne Mulcahy, who retired from Xerox effective today.

 

Mulcahy stepped down from the CEO role in July 2009, retaining her position as chairman.  In her final address to shareholders as chairman, Mulcahy commented on the seamless transition of leadership to Ursula Burns, “Ursula has the experience, judgment, passion, knowledge and tools to take this company forward. She has been at my side for the past decade as we transformed a company we love and put it on a trajectory for continued success.”

 

Mulcahy, 57, became CEO of Xerox on Aug. 1, 2001, and chairman on Jan. 1, 2002. Prior to that, she was president and chief operating officer of the company from May 2000 through July 2001. She began her Xerox career as a sales representative in Boston in 1976. During her 34-year tenure with Xerox, Mulcahy held senior management positions in sales, human resources and marketing, and led the Xerox business division that sells products for reseller and dealer channels.

 

“Anne created a legacy of leadership that will stand the test of time,” said Xerox chairman and CEO Ursula M. Burns. “Xerox people worldwide are grateful for and inspired by Anne’s amazing leadership and contributions to our company. We intend to build on her rich legacy by creating greater value for our customers, our people, our shareholders and our communities.”

 

During the shareholders’ meeting, Burns commented on the significant opportunities in the $500 billion market Xerox now serves.  “With the acquisition of ACS, we have transformed Xerox into the world leader in business process and document management,” said Burns. “Our goals are clear in the year ahead. We will continue to generate strong cash flow and grow revenue by maintaining investments in technology, expanding our sales channels and scaling our services business, while keeping a disciplined focus on cost and expense management.”

 

Also at the annual meeting, shareholders elected by an overwhelming majority vote the nine members of the Xerox board of directors. Re-elected to the board are Glenn A. Britt, Ursula M. Burns, Richard J. Harrington, William Curt Hunter, Robert A. McDonald, N.J. Nicholas, Jr., Charles Prince, Ann N. Reese and Mary Agnes Wilderotter. 

 

Shareholders approved the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2010.  In addition, shareholders approved the amendment and restatement of the company’s 2004 Performance Incentive Plan.

 

About Xerox
Xerox Corporation is a $22 billion leading global enterprise for business process and document management. Through its broad portfolio of technology and services, Xerox provides the essential back-office support that clears the way for clients to focus on what they do best: their real business.  Headquartered in Norwalk, Conn., Xerox provides leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size. Through ACS, A Xerox Company, which Xerox acquired in February 2010, Xerox also offers extensive business process outsourcing and IT outsourcing services, including data processing, HR benefits management, finance support, and customer relationship management services for commercial and government organizations worldwide. The 130,000 people of Xerox serve clients in more than 160 countries.  For more information, visit http://www.xerox.com, http://news.xerox.com or http://www.acs-inc.com.  For investor information, visit http://www.xerox.com/investor.

 

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