Transformation was the theme of Xerox Corp.’s shareholders meeting in Connecticut Thursday morning. Chairman and CEO Ursula Burns spoke of the company’s growth in its services and technology businesses.
She gave an overview of the company’s financial performance last year and outlined how the company is accelerating its services business, which grew by 6 percent in 2011 and now accounts for more than half of the company’s revenue.
“Lots of people talk about transformation, but we’re doing it,” Burns said. “We’re confident we have the right strategy, the competitive strength, a skilled and proven leadership team, world-class technology, operational excellence, a powerful brand and a steely focus to move from good to great.”
The company’s chief executive noted some of its 2011 achievements: adjusted earnings per share of $1.08, up 15 percent from 2010; growing revenue on a pro-forma basis by 2 percent to $22.6 billion; generating $2 billion in operating cash flow; and increasing adjusted net income by 21 percent to $1.6 billion.
At the 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 2012; approved, on an advisory basis, the 2011 compensation of Xerox’s named executive officers; and approved an amendment and restatement of the company’s 2004 Performance Incentive Plan.
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