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Xerox turns a new page
Less than three years ago, the iconic company seemed doomed. CEO Anne Mulcahy is bringing it back.
March 16, 2004: 5:15 PM EST
By Jon Birger, MONEY Magazine

NEW YORK (MONEY Magazine) - Xerox looked like a lost cause when Anne Mulcahy took the helm back in July 2001. The copy-machine giant was eyeball-deep in debt and red ink -- and then came an accounting scandal.

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Yet here we are nearly three years later, and the company many had left for dead is fast becoming the great turnaround story of the post-crash era -- an IBM for the 2000s, with Mulcahy in the role of ex-Big Blue chief Lou Gerstner.

"There's a will to ensure that our company not only survives but has an opportunity to become great again," Mulcahy says of the turnaround.

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