Business News
At Xerox Annual Meeting: Ursula Burns Assumes Chairman Role; Shareholders Approve Proxy Proposals
Friday 21. May 2010 - At todays 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 Annes 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 companys independent registered public accounting firm for 2010. In addition, shareholders approved the amendment and restatement of the companys 2004 Performance Incentive Plan