Paul Allaire
Paul Allaire
Paul Arthur Allaireis a businessman who served as CEO and Chairman of Xerox Corporation, and as a director on several other public companies...
asset billion enhances generate greatly pledge progress turnaround xerox
With this transaction, Xerox greatly enhances its liquidity and has made significant progress on its turnaround pledge to generate more than $2 billion in asset sales,
active companies compelling considered consistent core decision difficult economy effective engaged equity execute focusing growth impact investment markets necessary office pc potential production resolve turnaround xerox
This was a difficult but necessary decision that is consistent with our resolve to execute an effective turnaround by focusing on core office and production growth opportunities, ... While Xerox was engaged in active discussions with potential equity partners, the slowdown in the economy and its impact on the PC and SOHO markets prevented these companies from making what was once considered a compelling investment in Xerox's SOHO business.
board build chose consider decision directors effective eliminate execution financial helps progress provide required restoring returns serious strength turnaround xerox
After serious deliberation, the Board of Directors chose to eliminate the dividend -- a decision that contributes to the progress Xerox is making in restoring its financial strength and helps to provide the flexibility required to build on the effective execution of its turnaround plan, ... As Xerox returns to profitability, the Board will consider the reinstatement of dividends.
cash evidence performance quarter turnaround
Xerox's performance in the first quarter is evidence of significant cash and operational improvements as well as the effectiveness of our turnaround strategy,
continue executing focus remains turnaround xerox
Xerox can now continue to focus on effectively executing its turnaround strategy, which remains on track,
timing turnaround
We're confident about a turnaround, but the timing is clearly later.
current expectation fact good half improvement less momentum pushed quarter recovery second therefore turnaround
Clearly, the fact that our current expectation on the second quarter is less than we anticipated ... our recovery is pushed back in time. We do expect the turnaround to be there and be significant and therefore have an improvement in the second half and have good momentum going into 2001.
although assets aware change clear company cost degree fixing focus investment order profile remain shed structure
We were aware that we really had to change the cost structure of the company and change the investment profile and the focus to some degree and shed some assets in order to remain competitive, ... It is clear that just fixing our operational issues, although critical, is not sufficient.
achieve competing cost earnings economy environment expect growth improving offering product recovery revenue strong
We expect an earnings recovery in 2001 ... by strengthening our operations, improving our strong product offering and through significant cost reductions. We expect to achieve this, even if the economy and competing environment preclude any revenue growth in the year.
clearly confident issues timing
We have more significant issues than we previously anticipated, ... We're confident about a turnaround, but the timing is clearly later.
across asset balance board improve looking strength talking
We're looking across the board at asset dispositions. We are talking about very significant asset dispositions to (try) to improve the strength of the balance sheet,
amount decisions difficult emerge number obviously people regret stronger
We have not put a number on it, but there are obviously a significant amount of people involved, ... We regret that. But these are difficult times and we have to make difficult decisions but we will emerge stronger for it.
broad digital including introduced last models technology three transition
We are accelerating the transition to digital technology with our broad digital copier line, including three new models introduced in just the last two months.
anne becoming board ceo confident consistent developed effective execution gradual last leadership named plans president returned transition year
This leadership transition is consistent with the Board's plans developed last year when I returned as CEO and Anne was named president and COO. The plan called for a gradual transition of leadership with Anne becoming CEO when the Board was confident of the effective execution of Xerox's turnaround. Clearly, this requirement has been met.