Xerox 2005 Annual Report Download - page 8

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6
So there you have it – a half-dozen reasons that
give us a competitive advantage in the marketplace
and should serve to give you confidence that you
have invested your money wisely.
As I write this letter, I am gathered with the senior
leadership team of Xerox – some 300 individuals whom
Iam proud to call my colleagues. They and the people
they lead are the intangible reason I am confident we
will continue to be successful.
Most of the leadership team has been with the
company through our most challenging times. Others
were recruited to Xerox to fill gaps in our capabilities
and provide leadership in key areas. All chose to be
part of our turnaround, to be with us during the most
difficult, yet most rewarding period in our history.
They inherited a company that lost $273 million dollars
in 2000, but had a noble history. And they brought
it back to a company that made $978 million last
year, adding another inspiring chapter to a storied
past. They refused to let Xerox fail, exhibiting what I’ve
come to call steely optimism in the face of enormous
adversity.While others predicted failure, they said
not on our watch. Xerox cannot and will not fail.
They showed their True Colors.
Now they arefocused with an intensity that’s hard
to describe, but easy to feel. They are writing another
chapter in our history – the story of our return to
growth. As I met and talked with the leadership team
this week, I was galvanized by their dissatisfaction
with the status quo. Tothem, good is not good enough.
They are on a mission to put Xerox back on a growth
trajectory and give you a solid return on the trust
you place in us. As one of them put it: “We’ve been
playing defense. Now it’s time to play offense.”
Chairman’s Letter
“We’re going after a $112 billion
opportunity. We’re competitively
advantaged to attack it aggressively.”
We’re proud of our accomplishments, but not satisfied.
We’re confident in our strategy, but not complacent.
We’re bullish on our future, but take nothing for granted.
Because our opportunities are large, our competition is
formidable. As we get better, so do they. As we deliver
value to our customers, they expect more. As you invest
in us, you anticipate greater returns.
We do not shrink from those expectations; we embrace
them. They are an opportunity to continue to show our
True Colors. This is a management team that has been
tested by adversity and sharpened by challenge.
We’re going after a $112 billion opportunity. We’re
competitively advantaged to attack it aggressively. Our
financial health enables continued investments to keep
us on the leading edge of our markets. Our business
model is tested and flexible. We adapt to changes in the
marketplace, holding steady on our gross margins and
increasing earnings for our shareholders. Our leadership
team and our people are aligned around a common
set of objectives aimed at delivering shareholder value.
You should expect no less. We aim to deliver no less.
Because of our people, I believe our best days are
ahead of us – just ahead.
Anne M. Mulcahy
Chairman and CEO