Anne Mulcahy
Born 1952 · Age 73
Former Chairperson and CEO of Xerox Corporation, led Xerox's turnaround after a near-bankruptcy crisis; long-serving corporate director and non-profit leader.
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Life & Career Timeline
Born in Rockville Centre, New York
Anne Marie Dolan (Anne M. Mulcahy) was born in Rockville Centre, NY, the only daughter in a family of five children.
Graduated BA in English & Journalism, Marymount College/Fordham University
Received a B.A. in English and Journalism from Marymount College of Fordham University.
Joined Xerox as field sales representative
Entered Xerox Corporation in a sales position (field sales rep), beginning a multi-decade career at the company.
Married Joe Mulcahy (approximate, soon after joining Xerox)
Soon after beginning work at Xerox, she met and married Joe Mulcahy, who also worked in the sales department. (Year estimated as 'soon after' 1976.)
Co-founded The Women's Alliance at Xerox (approximate)
Working with six other women, Mulcahy initiated what became 'The Women’s Alliance' to help retain and support women at Xerox. (Year approximate: shortly after joining Xerox.)
Became Vice President for Human Resources, Xerox
Took charge of benefits, compensation, labor relations, training, and management development for Xerox.
Promoted to Chief Staff Officer, Xerox
Rose to the position of Chief Staff Officer after holding HR and other leadership roles.
Named Senior Vice President, Xerox
Named a Senior Vice President a year after becoming Chief Staff Officer.
Served as President, General Markets Operations (approximate)
Served as President of Xerox’s General Markets Operations creating and selling products for reseller, dealer, and retail channels. (Exact year not specified in all sources; placed here as late-1990s prior to 2000 promotion.)
Appointed President & Chief Operating Officer, Xerox
Offered and accepted the promotion to President and Chief Operating Officer with the intent to move into the CEO role by 2001.
Xerox balance-sheet crisis documented (~$17.1B–$18B debt)
At the time she took over, Xerox was reported to have roughly $17.1 billion (other sources cite $18 billion) in debt and faced an SEC accounting probe; bankruptcy seemed possible.
SEC investigation, financial restatement and accounting action
During her early tenure she faced an SEC investigation into accounting practices, led the restatement of financials, and fired the existing accounting firm when it would not acknowledge flaws.
Negotiated with banks to avoid bankruptcy (credit revolver)
Rallied global financial resources, negotiated with creditor banks (including outreach to Sandy Weill) to renegotiate the credit revolver and avoid bankruptcy in the first 12 months as CEO.
Company recorded a large loss (~$100M) in 2001
Xerox lost nearly $100 million in 2001 as the company grappled with accounting problems and declining competitiveness.
Named Chief Executive Officer (CEO) of Xerox
Officially became CEO of Xerox on August 1, 2001, taking charge amid a severe financial and accounting crisis.
Major restructuring and cost-cutting actions
Implemented tough cost reductions, workforce trimming, shed unprofitable products, reorganized the company and preserved R&D investment to drive long-term competitiveness.
Named Chairwoman of Xerox Corporation
Added the role of Chairwoman to her CEO position effective January 1, 2002.
Began consistent inclusion on Forbes' 'Most Powerful Women' list
From 2004 onward she consistently appeared on Forbes Magazine’s annual list of the 100 Most Powerful Women in the World.
Ranked by Forbes among Most Powerful Women (specific year callout)
Specifically ranked by Forbes among its Most Powerful Women in America in 2005 (source note).
Xerox returned to significant profitability (~$1.2B profit)
Five years after the 2001 loss, profits at Xerox reportedly topped approximately $1.2 billion, marking a major turnaround milestone.
Named 'CEO of the Year' and 'America's Best Leaders'
Chief Executive magazine selected her as 'CEO of the Year 2008'; U.S. News & World Report named her one of America's Best Leaders in 2008.
Became Chair of Save the Children (source variation)
After leaving the full-time role at Xerox she became involved with Save the Children; some sources state she served as chair and trustee beginning in 2009. (Dates vary by source.)
Announced retirement as CEO of Xerox
Announced her intention to retire as CEO on May 21, 2009, prior to the company's annual shareholder meeting.
Retired as CEO; Ursula Burns succeeded (first woman-to-woman Fortune 500 succession)
Retired as CEO in July 2009 and handed the CEO role to Ursula Burns, marking the first woman-to-woman CEO succession in a Fortune 500 company.
Inducted into Connecticut Women's Hall of Fame
Inducted into the Connecticut Women's Hall of Fame (Induction year listed as 2010).
Became U.S. Board Chair of Save the Children
Assumed the role of U.S. Board Chair of Save the Children in March 2010 (per some organizational sources).
Stepped down from Xerox Board of Directors
Stepped down from Xerox’s Board of Directors in May 2010, completing her formal exit from the company she had served since 1976.
Death of husband Joe Mulcahy (approx. two years after her retirement)
Mulcahy's husband died of a heart attack approximately two years after her retirement; Mulcahy has stated the two years they had together after her departure were a gift. (Year inferred as 2011.)
Ended service as U.S. Board Chair of Save the Children
Concluded her tenure as U.S. Board Chair of Save the Children in February 2017 (per Ranjay Gulati source).
Received the Bower Award for Business Leadership
Awarded the 2018 Bower Award for Business Leadership for her transformational leadership of Xerox and its comeback.
Appointed Trustee of Save the Children
Appointed a Trustee of Save the Children in February 2018 (per organizational sources).
Continued corporate board service (Johnson & Johnson, Graham Holdings, LPL Financial)
Has served as Lead Director of Johnson & Johnson and on the boards of Graham Holdings Company and LPL Financial Holdings, Inc.; sources describe these roles as post-Xerox board work (start years vary by source).
Ongoing advocacy, coaching, and nonprofit leadership
Post-CEO years devoted to nonprofit leadership (Save the Children, Nature Conservancy CT), board work, mentoring and speaking about leadership and CEO succession.
Featured in retrospectives and interviews on Xerox turnaround
Participated in interviews and retrospectives (e.g., podcasts, articles) reflecting on her leadership during Xerox's crisis and the lessons she learned.
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