No
carbon
copy
Anne Mulcahy”s
blueprint for
success at Xerox
By Stephanie E. Ponder
cover
story
iN 2000, no one could have been
more surprisedtohearthat Anne
Mulcahyhadbeennamed Presidentand
CEO-in-waitingof Xeroxthan Mulcahy
herself. Mulcahy began workingfor Xerox
right out of college in 1976 as a field
salesrep. Althoughshe studied
journalism, shejokesthat shetook
a job in a different field to make
money. She spent
16 years work-
CHRIS CRISMAN
ingin the Xerox salesdepartment
before makingthe jumptovice president
ofhumanresourcesinthe searchfor
new challenges. Notonlydid Mulcahy
have next to no training in the financial
aspects of running a business, she was
handed the reins of a company that was
$18.5 billion in debt. The next year she
was named CEO—a decision based, in no
small part, on her work ethic, leadership
and willingness to accept change.
Advisers urged her to declare bank-
ruptcy. Instead Mulcahy cut costs where
she could, including selling off parts of
the business, retooling the company’s
infrastructure and eliminating jobs.
She also refused to cut back on research
and development, recognizing its impor-
tance for the company’s future. Under her
watch, Xerox paid off its debts, formed
a new management team and managed
to go from losing $300 million in 2002
to making more than $1 billion in net
profit in 2006. In short, she turned the
company around.
It’s little surprise that in 2008 Mulcahy
became the first woman to be named CEO
of the Year by a group comprising other
CEOs and peers.
She’s been married since 1982 and
has two sons, both in their 20s. While she
speculates that at some point she will have
time for hobbies, work and family are her
priorities for now.
Recently The Connection caught up
with Mulcahy at Xerox’s offices in Norwalk,
Connecticut.
