Word: xeroxes
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Dates: during 1980-1989
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David T. Kearns, 52, who in May succeeded C. Peter McColough, 60, as Xerox's chief executive, says, "We are not walking away from our core business." He defends the Crum & Forster deal by saying that it could eventually produce a lot of cash, which Xerox needs to support its vigorous research efforts in copiers, duplicators, electronic typewriters and other office gadgetry. Buying the firm was not Xerox's first attempt to diversify into financial services. In 1968 the company made, then dropped, a bid for C.I.T. Financial Corp. But Xerox's acquisition record has been unspectacular...
Neither foresight nor omnipresence in white-collar enclaves ensured Xerox of success with products other than copiers. Its Star work station, one of the first office-of-the-future products designed for managers not comfortable with computers, has had disappointing sales since its introduction last year. Now it is almost too late. Says an analyst: "When it comes to automated offices, they're not good enough relative to those they're up against-IBM, AT&T and Kodak. They're not strong as a team...
Kearns agrees with some of the criticism. But he contends that Xerox is perhaps in a better position now than at any time since the 1960s to take advantage of its strengths: technical expertise, a far-flung sales and service network and a willingness to learn from past mistakes...
...down. From his tastefully furnished office in the company's headquarters building in Stamford, Conn., Kearns has this year slashed the company's worldwide work force of 120,000 by up to 4,000, almost as many people as the company employed in 1962. The cutbacks cost Xerox a bundle in severance pay and benefits, but Kearns expects savings to run into the hundreds of millions of dolars in the long...
...reduce costs, Xerox managers use a technique called "competitive benchmarking." That means looking carefully at the lowest-priced competing copier, determining exactly how it is being produced for less, and making the Xerox product in a similar way. The method seems to be working. The 10 series costs between 40% and 50% less to produce than earlier machines...