Inkjet & Digital Printing
Xerox Chairman to Shareholders: Affordable Technology, Document Services Help Businesses Reduce Costs
Friday 22. May 2009 - Deliver Value for Customers and for Xerox
At its annual shareholders meeting held here today, Anne Mulcahy, chairman and CEO of Xerox Corporation (NYSE: XRX), and Xerox president Ursula Burns outlined strategic steps the company is taking to mitigate economic challenges while positioning Xerox for long-term growth through its industry-leading document technology and services.
The shareholders meeting followed an announcement this morning that Mulcahy is retiring as CEO of Xerox effective July 1, and that Burns was named by the board of directors as her successor. Mulcahy will continue as chairman.
In her address to shareholders, Mulcahy said, “Customers are relying on Xerox now more than ever to be a trusted business partner – not just a vendor. We are successfully answering the call with affordable, breakthrough color technology; document services that take costs out of doing business; and more distribution channels to companies of all sizes.”
During a review of the company’s operations, Mulcahy noted that Xerox is on track to deliver $550 million in cost reductions this year to help minimize the impact of the recession, and expects to generate $1.3 billion this year in cash from operations. Added Burns, “We are neither giving up on 2009 nor mortgaging our future by foregoing investments that will give us momentum as the economy improves.”
Burns updated shareholders on several strategic initiatives including color leadership, document management services, digital production printing, and expanding its presence in the small and mid-sized business (SMB) market. Examples of Xerox’s progress in these areas include:
Launched the world’s first high-speed solid ink multifunction printer, which cuts the cost of color pages by up to 62 percent compared to traditional color lasers ? without compromising print quality. The Xerox ColorQube 9200 Series multifunction printer uses Xerox’s proprietary solid ink technology to lower the environmental impact of office printing. The cartridge-free design generates 90 percent less supplies waste and reduces the effects of manufacturing and transportation on the environment.
Increased the number of pages printed on Xerox color systems by 24 percent last year -significantly higher than the competition. According to InfoTrends, a leading independent research firm, Xerox’s DocuColor and iGen presses accounted for approximately half of the total worldwide color pages printed by high-speed digital systems.
Strengthened Xerox’s penetration in the SMB marketplace by acquiring 10 office technology dealers in the last two years and launching 18 products designed exclusively for SMBs in 2008.
Built partnerships with IT services companies like CSC and HCL Technologies to integrate Xerox’s document management strengths with their IT services expertise and experience.
Also at the annual meeting, shareholders elected by an overwhelming majority vote 10 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, Anne M. Mulcahy, N.J. Nicholas, Jr., Charles Prince, Ann N. Reese and Mary Agnes Wilderotter.
Shareholders also approved the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2009.