Conifer Cove

At Xerox, Mulcahy Passes Torch to Burns

Reading all the stories about Ann Mulcahy and the multi-billion dollar turnaround she engineered at Xerox one would think she walks on water. When she became CEO on August 1, 2001 the stock was at $8.13. Today it closed at $6.78, a drop of over 19%. And that is after slashing employment, crippling employee morale and treating retirees like chaff. What a record. The good news is she leaves with tens of millions in her bank account.