"The key to dealing with difficult people is learning to widen your perspective.Amanda North, MBA ’82, looks back on the painful experience of shutting down a business that had once been her dream.Offering compassion, predictability, and control can help, say two Stanford experts. "I gave people a choice to make: Either roll up your sleeves and go to work or leave Xerox." Anne Mulcahy: The Keys to Turnaround at Xerox | Stanford Graduate School of Business Skip to main content For instance, she pored over the finances to understand how each decision would affect the bottom line. "Even with all of the cost cutting we did, we didn't take a dollar out of research and development," Mulcahy said.Mulcahy said that effective communication was perhaps the single most important component of the company's successful turnaround strategy. Mulcahy, president and CEO-in-waiting, flew from headquarters in … Prior to that, she served as vice president and staff officer for Customer Operations, covering South America and Central America, Europe, Asia, Africa, and China. "In addition to soliciting honest feedback, Mulcahy said both honesty and confidence are critical to effective communication, especially during times of crisis.

She became chief staff officer in 1997 and corporate senior vice president in 1998.

"I certainly hadn't been groomed to become a CEO," Mulcahy said. I had to make up for it with intense on-the-job learning. The company was struggling to sell its copy machines and hadn’t diversified.

She became chief staff officer in 1997 and corporate senior vice president in 1998.

I think if you spend as much time listening as talking, that's time well spent. On the day that her appointment to CEO was announced, the stock dropped 15 percent.

Nonetheless, she committed her vision of the company's future to paper: not with a traditional vision statement, but with a fictitious Wall Street Journal article describing Xerox in the year 2005. Prior to that, she served as vice president and staff officer for Customer Operations, covering South America and Central America, Euro… It was really our vision of what we wanted the company to become. "Mulcahy candidly admitted that she had never planned on becoming the CEO, let alone one who was expected to reverse the company's fortunes after a sustained period of underperformance. It forces you to make choices that you probably wouldn't have made otherwise. CEO: Anne Mulcahy Revenues: $17.2 billion What they do: Document management, including printing, copying, digitizing and archiving Disruptive qualities: Xerox is famously, if only slightly unfairly, known for churning out disruptive technologies, then taking a pass on actually marketing them. Ms. Mulcahy, age 67, was Chairman and Chief Executive Officer of Xerox Corporation (business equipment and services) until July 2009, when she retired as CEO after eight years in the position. A recent reorganization of the company's sales force had not gone according to plan. "Xerox has gone a long way to making its vision a reality. Anne Mulcahy, chairman and chief executive of Xerox, calls pressure from Wall Street for short-term performance “a huge problem” that may be hurting public companies in the long run. "I like to say that we were 'early adopters' of SEC scandal," Mulcahy joked.From the beginning, Mulcahy and her team devised a bold plan for recovery. In return, Mulcahy accepted nothing less than total support from her executive team — or from any other Xerox employee. When employees asked her to describe what Xerox would look like when it emerged from the turnaround, Mulcahy initially was incredulous.

On May 21, 2009, the day she announced her retirement as CEO, the stock price was $6.82.Mulcahy served on four other Boards of Directors besides Xerox. "I didn't have a very sophisticated financial background, and I had to make up for my lack of formal training. She also served on Catalyst, Citigroup, Fuji Xerox and Target Corp. A letter sent to Citi shareholders on March 26, 2009 by the labor union, American Federation of State County & Municipal Employees (AFSCME), recommended shareholders vote against re-electing six of their directors

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