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Mulcahy to head Xerox
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December 3, 2001: 2:06 p.m. ET
Current president and CEO will succeed retiring Chairman Allaire.
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NEW YORK (CNN/Money) - The board of troubled photocopier maker Xerox Corp. elected company President and CEO Anne Mulcahy chairwoman Monday.
Mulcahy, who also will retain her current titles, succeeds Paul Allaire, who will retire from the Xerox (XRX: up $0.01 to $8.41, Research, Estimates) board at the end of this year. He has been chairman since 1991 and had announced in August that he would retire.
"Anne has won the respect of the board and Xerox people through
her effective execution of Xerox's turnaround and the focused
direction she has set for the company's future," Allaire said.
Mulcahy has led the company's progress in achieving its turnaround targets including selling $2.2 billion in assets and reducing costs by more than $1 billion, the company said.
Mulcahy, who was appointed president and COO in May 2000 and CEO in August 2001, will assume her new duties Jan. 1. 
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