Word: xeroxes
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...didn't try to be critical of the men. I did use three examples. Rick Thoman of Xerox is one. Richard McGinn of Lucent is another. And Mike Armstrong of AT&T. I pointed out in all three cases that I didn't think the way they were operating the company was consistent with being able to execute. These are decent men, and I like them. I hope when all is said and done, they take it for the teaching value of it, rather than as a personal criticism...
...latest black eye for Pitt came with the revelation that on April 26 he met secretly with Eugene O'Kelly, the new chairman of accounting firm KPMG, which is under SEC investigation for its audits of Xerox. The accounting firm was Pitt's legal client for years, and the meeting prompted the Wall Street Journal and the Financial Times to run editorials saying Pitt may have to go. In an interview on CNBC last Friday, Pitt called his critics "misguided" and said, "I will serve as long as the President has confidence...
...Soon "to Xerox" may mean more than just "to photocopy." Late last month the company declared an operating profit for the first time in five quarters. Although that translates to a $4 million loss in bottom-line earnings, it marks an improvement from the $20 million lost in the fourth quarter of 2000--and from the bankruptcy rumors heard just two years ago. Mulcahy, 49, who became chairman Jan. 1, has presided over the asset sales, cost cutting and outsourcing of production that have brought Xerox closer to profitability. A government investigation into its accounting is ongoing, but with...
...bookkeeping methods of a range of companies, including even blue chips that are widely admired and accused of nothing illegal. Some of the companies that investors point to are American Airlines, the insurer American International Group, Coca-Cola, Electronic Data Systems, General Electric, IBM, J.P. Morgan Chase and Xerox...
...warned Xerox three weeks ago about booking sales of copiers that, technically, are leased, not sold. Revenue from a lease is generally reported over the life of the lease, not up front. Xerox has said it will contest the SEC on this issue...