Word: ibm
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...botched reorganization derailed CEO Rick Thoman. An IBM and American Express executive and a Lou Gerstner protege, Thoman was brought in as CEO last year to turn Xerox into a high-tech dynamo. His sin was not his strategy but his sense of urgency. Thoman believed Xerox had to move fast, but the troops were not ready. "There's a fine touch between knowing what to do and when to do it," an insider says of Thoman's leadership. Thoman was replaced by former Xerox chief Paul Allaire...
...high-speed printers--tanklike, six-figure machines that can spit out up to 180 pages a minute and are sold primarily to governments, universities, commercial printers and large corporations. Servicing and supporting those machines has been the company's real cash cow. In the past year, however, Canon, IBM and German printer Heidelberger--which, ironically, purchased its technology from Xerox's old Rochester, N.Y., brother-in-arms, Kodak--have come up with a product to rival Xerox's. Though these upstart machines don't have as many bells and whistles, they're more than adequate for companies that increasingly prefer...
...actual printing engine is becoming more and more of a commodity," says Ross Waddell, vice president of purchasing at copy giant Kinko's, which, while still Xerox's largest commercial customer, has diversified its equipment base by signing a multimillion-dollar deal with IBM to manage a complex network of high-speed Heidelberger copiers...
Xerox recognizes this, and part of Thoman's mandate was, in fact, to turn the company from a seller of boxes to a seller of services, a so-called solutions provider like IBM that would help bewildered companies manage their document flow. That is easier said than done. Apart from the challenge of taking on established powerhouses like IBM and EDS, Xerox has had to deal with a perception problem. "Xerox, as a brand, is so associated with copying that it's almost like Kleenex trying to sell paper towels," notes Charlie Corr, a group director at Cap Ventures...
...then, with little provocation except perhaps the shock of a solidly four-digit Dow, folks started buying. By noon, JP Morgan was only down a handful. IBM, well, IBM pretty much stayed down, but was a handful off its lows. And before you knew it, the Dow had stabilized, wavering between 100 and 150 in the red, and then spent the afternoon chugging back toward zero, re-clearing 10,000 along the way. (No milestone celebrations this time, though, and toward the end of the day's trading it was heading back down again...