SURVIVING A DOWNTURN
By the end of 1999, significant problems emerged at US technology giant Xerox. There was too much change, too fast; new, opportunistic competitors emerged; economic growth was slowing; key decisions were flawed. These issues combined with regulatory and liquidity challenges to bring about a massive decline in revenues, the departure of customers and employees, and debts of $19 billion.
Despite this, Xerox, led by CEO Anne Mulcahy, survived the downturn and staged a remarkable comeback. ...