At almost every turn, Mulcahy had to ignore conventional wisdom. 4Xerox is an old-fashioned company Abel Aguilar Colombia Jersey , the sort of place where workers still have retirement parties and retirees Tag Heuer Replica
Watches(http:www.bestwatches4utag-heuer-c-444) still have reunions. The average
tenure of a Xerox employee is 14 years, double the overall corporate average.
When the CEO of one of Mulcahy's biggest lenders said she would have to kill the
culture5 to succeed, Mulcahy shot back, "I am the culture. If I can't figure out
how to bring the culture with me, I'm the wrong person for the job. "
She appealed to employees with missionary zeal6, in videos and in person what Burns
called a "laying on of hands7. " She implored them to "save each dollar as if it
were your own. " She ended every appearance with a nudge; "Remember Colombia Soccer Jersey , by my calculations, there are [she fills in the number] selling days left in the quarter. " She rewarded those who stuck it out
not only by re-fusing to abolish raises but with symbolic gestures as well; last
year she gave all employees their birthdays off. 8
If Mulcahy ever thought bankruptcy was an option, she never let on9. She dug in her heels every
time the workout advisors brought it up. " A lot of people will try to convince
you that there are advantages to Chapter 11," she says. " I was like, ' Don't
even go there. ' Whatever you think the advantages are from a financial
standpoint, I think they are dismal and demoralizing for a company that wants
desperately to turn around and regain its reputation. " Joe Mancini says some of
the early meetings got so tense that he thought the workout experts might "go
away and not be our advisors." Basically Yerry Mina Colombia Jersey , he recalls, they didn't think Mulcahy had the balls to take the draconian actions needed to keep Xerox afloat.10 But she
did. In June 2001 she shut down the desktop division; these were people she had
hired and a business she had created. " There was no good script," she says.
"The company was in a lot of trouble. They weren't the ones accountable for the
problem. You couldn't follow a string of logic for them." The only thing she
could do, she says, "was to take the hit personally. I hung out, walked the
halls Victor Ibarbo Colombia Jersey , and told them I was sorry."
In the fall Mulcahy made a presentation to Xerox's 56 bankers, assuring them that the
company would pay back its $7 billion revolving credit. She had never faced a
crowd so hostile. When she concluded her address she was met with deadly
silence. "Man, what does it take to get a smile out of these guys?" she asked,
taking her seat. Between clenched teeth the banker next to her replied: "Seven
billion dollars. "
She also resolved Xerox's accounting scandal. Soon after becoming CEO, she replaced her auditors and cleaned house in the finance
department. In April 2002, Xerox agreed to a record $ 10 million fine to settle
charges that it de-fraudedlO investors by improperly accelerating
revenues Victor Ibarbo Borre Colombia Jersey , overstated earnings by using "cookie-jar" reserves, and disguised loans as asset sales, among other things.
The SEC also rebuked the company for being uncooperative. Xerox did not admit or
deny wrongdoing, but the settlement pained Mulcahy. She says she was never
questioned, subpoenaed, or deposed by the SEC11 Teofilo Gutierrez Colombia Jersey , bd Hublot Replica Watches(http:www.fashion-replicaGoodsBrandHublot-44) has been named as a
defendant in several shareholder lawsuits. (In early June former CEOs Allaire
and Thoman and four other former Xerox executives set tied individual SEC
charges that between 1997 and 2000 they used improper accounting to defraud
investors. Although they neither admitted nor deni wrongdoing, they agreed to
pay more than $22 million in penalties am fines.)
Mulcahy knows her battle isn't over. She worries about "sustaining the enef^ and intensity of the
place." With CEO credibility tenuous, she takes nothinj for granted. She doesn't
feel entitled, not even on the corporate jet. "This isl bag-carrying
environment," says Mulcahy, who not only carries her own bt becomes a flight
attendant the minute the seatbelt sign goes off (Xerox laid o the real one).
Beer? Wine? Soft drinks?" she asks Stefan Medina Colombia Jersey , handing out napkins. * cook more here than I do at home," she adds.
All companies go through cycles, but only great companies come out stronger. Mulcahy's goal, having brought Xerox back from the
dead, is to make it' great again. "There is something about resilience12," she
says. "The ability to address issues Sebastian Perez Colombia Jersey , to keep brands and heritages and jobs in place. I keep hoping that's the story that will emerge here. If this company
becomes great again, that's a good story. "
It would be more than that. It would be a major miracle.
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