{"id":6308,"date":"2020-01-05T14:42:57","date_gmt":"2020-01-05T18:42:57","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=6308"},"modified":"2022-03-18T15:49:40","modified_gmt":"2022-03-18T19:49:40","slug":"anne-mulcahy","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/anne-mulcahy\/","title":{"rendered":"How Anne Mulcahy Transformed Xerox and Its $17 Billion of Debt"},"content":{"rendered":"\n

Who is Anne Mulcahy? How did she turn Xerox from a company with billions in debt and abysmal stock prices to a wildly successful company?<\/p>\n\n\n\n

Anne Mulcahy was the chairperson and CEO of Xerox from 2001 to 2010. She turned the struggling company around in three years.<\/p>\n\n\n\n

We’ll cover how Anne Mulcahy of Xerox was so successful in her mission and what made her such a great leader<\/a>.<\/p>\n\n\n\n\n\n\n\n

Anne Mulcahy of Xerox<\/strong><\/h2>\n\n\n\n

In 2002, when Anne Mulcahy took over as CEO, Xerox had $17 billion in debt, a terrible credit rating, and abysmal stock prices. The company was struggling to sell its copy machines and hadn\u2019t diversified. Within three years, Anne Mulcahy of Xerox turned the company around.
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Anne Mulcahy started in a personal growth mindset<\/a> with the goal of learning every part of the business. For instance, she pored over the finances to understand how each decision would affect the bottom line. She found ways to get answers when executives couldn\u2019t tell her where things stood, and she told employees the truth\u2014that the company wasn\u2019t viable. She cut payroll 30 percent, but took to heart the impact on employees and worried even more about the potentially greater impact the company\u2019s failure would have on employees and retirees.
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Anne Mulcahy of Xerox focused on morale and employee development<\/a> and rewarded people who went above and beyond for the good of the company. With short-term changes, the environment grew more positive. But these changes also positioned the company for success in the long run.
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Growth-Mindset Leaders<\/strong><\/h2>\n\n\n\n

Anne Mulcahy of Xerox is an example of a “growth-mindset leader.” In Good to Great<\/a>,<\/em> author Jim Collins examined what separated good companies from the best. He studied eleven companies over five years, whose stock had soared and who had stayed at the top of their industries for at least fifteen years. Each was compared with an average company in the same industry.
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A key factor for success was that the leaders of great companies led with a growth mindset, like Anne Mulcahy of Xerox. They shared characteristics such as:<\/p>\n\n\n\n