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Xerox shuffles executives
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November 16, 2001: 6:58 a.m. ET
Dogged by SEC probe, company moves controller to treasurer job.
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NEW YORK (CNN/Money) - Xerox Corp., which has been dogged by a Securities and Exchange Commission investigation of its accounting practices, has quietly reassigned its controller to the position of treasurer.
The company did not put out a statement announcing the move of Gregory Tayler, a 10-year veteran of the copier maker, but a spokesman confirmed the move to CNNfn Friday morning, saying it was part of his chosen career track. The previous treasurer, Eunice Filter, 61, plans to retire at the end of the year.
This is just the latest in a series of executive changes to be made in the wake of accounting and financial problems at the copier maker. Last month Xerox (XRX: down $0.64 to $6.45, Research, Estimates) announced that its Chief Financial Officer Barry Romeril would retire by the end of the year. The controller position will be left open until a new CFO is in place, according to the spokesman.
The Wall Street Journal reported Friday that Tayler had been responsible for many internal accounting functions during the period being investigated by the SEC. Tayler was one of the company executives named as a defendant in some shareholder lawsuits against the company, according to an earlier Xerox filing.
The SEC investigation began as an examination of Xerox's bookkeeping practices in mid-2000, when the company warned that problems with its records of customers' receivables in Mexico would cause it to miss estimates.
The Journal said Xerox's former auditor, KPMG LLP, had recommended to the company's board that Tayler and Romeril both be moved from positions with direct financial reporting duties.
KPMG was fired by Xerox last month and replaced by PricewaterhouseCoopers.
An amended quarterly report filed Thursday by the company was signed by Gary R. Kabureck, assistant controller, who was also identified as chief accounting officer. A company spokesman said that Kabureck's designation as chief accounting officer is temporary until a new CFO and new controller are in place.
Tayler didn't return a call seeking comment, the Journal reported. 
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