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, |
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. |
Businesses need to be 24/7, ... Individuals don't. |
by our first-quarter progress, and believe that we have clearly set the stage for a return to full-year operational profitability. |
Equipment sales were impacted by a more significant shift in product mix with stronger sales of lower-priced systems. |
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. |
It keeps us in touch with the real world. It grounds us. It permeates all of our decision making. |
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. |
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. |
There's a will to ensure that our company not only survives but has an opportunity to become great again, |
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. |
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. |
we are committed to returning to profitability in the fourth quarter and building on that positive momentum into 2002. |
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. |