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Xerox Corp. (BB63)


Friday 27 July, 2001

Xerox Corp.

Senior Appointment

Xerox Corp
26 July 2001

For additional information contact:

Leslie F. Varon
Director, Investor Relations
[email protected]



'...a proven, dynamic leader who embraces change and anticipates the future.'

STAMFORD, Conn., July 26, 2001 - The Board of Directors of Xerox Corporation
(NYSE: XRX) today appointed Anne M. Mulcahy as president and chief executive
officer effective Aug. 1. Mulcahy, formerly president and chief operating
officer, succeeds Paul A. Allaire as chief executive officer. Allaire continues
as chairman until his retirement at the end of this year.

'This leadership transition is consistent with the Board's plans developed last
year when I returned as CEO and Anne was named president and COO,' said Allaire.
'The plan called for a gradual transition of leadership with Anne becoming CEO
when the Board was confident of the effective execution of Xerox's turnaround.
Clearly, this requirement has been met. Anne has led the significant progress
Xerox has made in improving the company's core operations and restoring its
financial strength. She is a proven, dynamic leader who knows the Xerox business
and respects our values, but who also embraces change and anticipates the
future. This is a rare combination and one that will ensure the future growth
and success of Xerox.'

In her role as chief operating officer, Mulcahy has developed and executed on a
turnaround strategy to reduce costs and build on Xerox's core growth
opportunities in the production printing and networked office markets with a
focus on color, services and solutions. As reported yesterday in the company's
earnings announcement, Xerox's focus on operational improvements contributed to
a strong second quarter of cash generation from operations, led by cost
reductions, improved inventory turnover and gross-margin stabilization.

'Despite tremendous challenges, Xerox people worldwide have made impressive
progress in implementing a bold and aggressive turnaround strategy,' said
Mulcahy. '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, transforming it to the realities of the digital age
and putting Xerox back on a growth trajectory.'

Mulcahy, 48, who assumes her new responsibilities on Aug. 1, began her 25-year
Xerox career as a field sales representative and assumed increasingly
responsible management and executive positions, including chief staff officer
and president of Xerox's General Markets Operations.

Allaire, 63, joined Xerox in 1966 as a financial analyst in Rochester, N.Y.
Prior to becoming chairman and CEO, he held such positions as president, chief
staff officer and managing director of Rank Xerox, now Xerox Europe.

For additional information about The Document Company Xerox, please visit our
Worldwide Web site at

This release contains forward-looking statements and information relating to
Xerox that are based on our beliefs as well as assumptions made by and
information currently available to us. The words 'anticipate,' 'believe,'
'estimate,' 'expect,' 'intend,' 'will' and similar expressions, as they relate
to us, are intended to identify forward-looking statements. Actual results could
differ materially from those projected in such forward-looking statements.
Information concerning certain factors that could cause actual results to differ
materially is included in the company's first quarter Form 10-Q.

XEROX (R), The Document Company (R) and the digital X(R) are trademarks of XEROX


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