Anne Mulcahy Quotations

We are aggressively implementing our cost-reduction plans, which will yield more than $1 billion in savings by the end of 2001, ... Since the third quarter of 2000, we have taken actions that account for more than one-third of this target, including the reduction of approximately 2,000 jobs worldwide in the fourth quarter. This activity will intensify with the reduction of 4,000 jobs in the first quarter and additional reductions through the balance of the year.

Maggie is an exceptional leader with a proven track record of bringing innovative, technology-based solutions to market. Her experience and strong leadership skills will serve Xerox and its shareholders well and complement the outstanding talent serving on our board.

Businesses need to be 24/7, ... Individuals don't.

For Xerox to continue building momentum in this uncertain economy, we need to accelerate our drive to improve efficiency while delivering competitive products and services to our customers,

He doesn't get lost in theory. He's action oriented. He pulls a problem apart piece by piece and is bold with his decisions. And when you're in trouble, the worst path is indecision.

Larry has a proven track record as an effective financial executive with balanced experience in global operations, strategic planning, accounting, and internal controls,

Our performance demonstrates that we have significantly improved our operations and strengthened our liquidity, ... We have consistently and effectively executed on every element of our turnaround plan and have clearly set the stage for a return to full-year operational profitability.

Our strategy is rock solid, ... That won't change. What will change is our implementation. Execution will be every bit as strong as our strategy.

While encouraged by annuity growth, I am disappointed in our gross profit decline. This was largely due to increased costs and had a direct impact on our first-quarter earnings.

We're capturing share and winning the deals that fuel long-term gains.

we are committed to returning to profitability in the fourth quarter and building on that positive momentum into 2002.

Though disappointing, these results reflect the difficulties found in our visits and reviews of operations around the world over the last two months. There is no doubt that the time required for recovery is longer than previously anticipated. Stabilizing the situation has been our focus and much progress has been made, but achieving renewed growth will take more time.

Digital publishing technology is opening new doors to new authors, ... The Xerox Aspiring Authors program recognizes the people who conceive the ideas, create the stories, drive the new business models, and leverage the new technology that is creating a sea change in digital publishing.

direct sales force and the focus of our research and development investments.

Equipment sales were impacted by a more significant shift in product mix with stronger sales of lower-priced systems.

Our earnings performance in the fourth quarter met expectations with increased gross margins, lower costs and operational improvements. We delivered another quarter - and another year - of earnings growth.

As CEO of Xerox, I am ready and privileged to lead a team of dedicated employees who are as sharply focused and committed as I am in the successful turnaround of our company.

There's a will to ensure that our company not only survives but has an opportunity to become great again,

Despite expected revenue declines, our results in July and August exceeded expectations, evidence of our much improved operations, ... However, the dramatic economic downturn since the events of Sept. 11 resulted in an unprecedented loss in September, driven by disproportionate revenue decreases during the last two weeks of the month.

It keeps us in touch with the real world. It grounds us. It permeates all of our decision making.

The settlement with the commission effectively resolves Xerox's outstanding issues with the SEC, ... Xerox today is a stronger company with a new management team that has taken all the right steps to turn our business around.

by our first-quarter progress, and believe that we have clearly set the stage for a return to full-year operational profitability.

The future of the graphic communications industry is digital, and Xerox will continue to be the digital printing partner of choice, ... As new and traditional processes converge, we're building bridges between offset and digital printing, helping customers gain a competitive advantage with the right technology, the right workflow and the right business model.