"Even for someone like Anne Mulcahy, who had spent nearly 20 years at Xerox, collating its problems seemed next to impossible when she took over in 2001. At the time, the company was buried in $15 billion of debt and an SEC scandal. Onlookers were sure that Xerox was destined for Chapter 11. Despite this, Mulcahy managed to dig out by drastically cutting the workforce and steadily increasing innovations (they've launched 100 new products in the last three years)." - Fortune.com

Anne Mulcahy, a SacWomen Power Women 50 Index member, has delivered better than most of her male counterparts and handsomely rewarded investors along the way. Since her debut as CEO of Xerox (NYSE symbol XRX) in August 2001, a $10,000 investment in XRX has grown to $21,541 versus $12,464 for the S&P 500 Index.

What exactly has she achieved? Comparing results of 2000, (the year ending before Mulcahy took charge) versus 2006, she has grown:

• book value per share from $3.33 to $7.48;
• return on equity from -12.3% to 17.1%;
• return on assets from -1.0% to 5.6%;
• net profit margins from -1.7% to 7.4%;
• earnings per share from -$.48 to $1.22; and,
• net income from -$273 million to $1.21 billion.

Wow! Those are great results! Anne Mulcahy, job well done!

Pierre Cutler
The Sacramento Executive