Anne Mulcahy probably never envisioned herself as the CEO and Chairman of Xerox but that is exactly where she landed on August 1, 2001. Mulcahy may very well have been the last hope that Xerox had when they placed her in the position of CEO. The company was in debt so deep that the figure seems too outlandish to even mention. It is safe to say that bankruptcy and Xerox were about to become very acquainted. Then the company decided to put all that was left into the hands of the long time employee, Anne Mulcahy.
No one was better suited for the seat of CEO and Chairman of Xerox than Anne Mulcahy. She had given her life to the company and fortunately, the company realized her potential and placed her in the driver’s seat. And not a moment too soon. Mulcahy had been with Xerox since 1976. When she joined Xerox, it was only a couple of years after completing her education at Marymount College in Tarrytown, New York. Surprisingly, Mulcahy received her bachelor of arts degree in English and Journalism rather than a MBA from a more prestigious university.
Mulcahy’s positions at Xerox were varied. She began working for the company as a sales representative and worked her way through the ranks of the company. She held various sales and senior management positions and in 1992 was named Vice President of Human Resources. In 1998, she became Senior Vice President immediately followed by a promotion to Executive VP in 1999. Then, in 2001, she found her niche as CEO and Xerox found their leader giving her the whole ‘kit and caboodle’ when she gained the title of Chairman too on January 1, 2002.
Anne Mulcahy is a powerhouse in business. She serves on the boards of Catalyst, Citigroup Inc. and Target as well as a few others. She is considered one of the most powerful women in the world and has achieved that notoriety on Forbes’ most powerful women in the world list. Ranked in the top 10, Anne Mulcahy has finally made it to the top of the corporate world after a long climb to get there.
The most amazing story behind this woman is how Xerox was truly on the brink of bankruptcy, and yet Anne Mulcahy stepped in with all of the confidence in the world and immediately formed a plan to rebuild a failing company. What’s more, Anne Mulcahy had some of the stiffest competition in the corporate world. While Xerox could certainly lead within their industry with Mulcahy’s help, the company still faced challenges from highly competitive companies such as Hewlett-Packard and Canon. Anne Mulcahy was up for the challenge and because of her dedication and commitment to her company; Xerox has made a strong come-back.
Anne Mulcahy will continue to look for ways to improve the overall productivity of a company which has come a long way since its 1938 humble beginnings. She has already decreased Xerox’s mind-boggling debt load and continues to keep the faith of Xerox investors and employees.
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