Anne Mulcahy, who’s credited with turning around the fortunes of copy company Xerox, says she will retire from the office giant in May. As WNPR’s Harriet Jones reports, she’s ending a 30 year career at the Norwalk company.
Xerox Chairman Anne Mulcahy will leave May 20th, handing over the reins on the day of the annual shareholders’ meeting. Mulcahy stepped down as CEO in July last year, as her handpicked successor, Ursula Burns took charge of the corner office. Burns will also now step into the chairman’s role.
Mulcahy became CEO in 2001, during a low point in Xerox’s fortunes. The company’s sales were on a long downward slide, and its share price had plunged 80% in the previous year. It had also been hit by an accounting scandal. Mulcahy cut costs, and about 28,000 jobs, and steered Xerox away from its copy machine legacy towards the growing sector of color printing. She latterly has also positioned the company to grow into the realm of office services and document management. Ursula Burns has also spent her entire career at Xerox. She’s the first African American woman to lead a Fortune 500 company.
For WNPR, I'm Harriet Jones.