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At annual meeting, Xerox CEO outlines growth strategy

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Rochester Business Journal
May 20, 2014

The services side of the business continues to be the main growth driver at Xerox Corp., its leader said Tuesday in a meeting with shareholders.

Speaking at the company’s Connecticut headquarters, Chairman and CEO Ursula Burn highlighted the Xerox’s financial position. She also outlined the benefits of its services-led, technology-driven portfolio, and described how the company is positioning itself for profitable growth.
 
“Our services business is our engine for increased revenue, our document technology business is the foundation that enables our future growth, and our culture of innovation permits us to think big,” Burns said in her address. “We are committed to delivering earnings expansion and are managing our cash in a way that’s building value for you for years to come.”

Burns noted that in 2013, Xerox posted $21.4 billion in sales and adjusted earnings per share of $1.09, up from $1.02 in 2012. The company also delivered $2.4 billion in cash from operations and repurchased $700 million in Xerox shares, paying nearly $300 million in dividends.
 
She also reaffirmed four priorities for Xerox, which include growing revenue in services, a segment that represents 57 percent of the company’s total revenue and is expected to grow to two-thirds by 2017.
 
Also at the annual meeting, shareholders elected 10 members of the Xerox board of directors: Burns, Glenn Britt, Richard Harrington, William Curt Hunter, Robert Keegan, Robert McDonald, Charles Prince, Ann Reese, Sara Martinez Tucker and Mary Agnes Wilderotter.
 
Additionally, shareholders ratified the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2014 and approved, on an advisory basis, the 2013 compensation of Xerox’s named executive officers.

 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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