At Xerox Annual Meeting of shareholders: chairman details strong financial position and focus on key priorities for continued growth

At its annual meeting of shareholders held on Thursday, May 24, Ursula Burns, chairman and CEO of Xerox highlighted the company’s strong financial position, progress in both its services and technology businesses, and the steps Xerox is taking to capitalize on a $600 billion market opportunity. 

In her address to shareholders, Burns said, “We have made significant progress in transforming our business. Lots of people talk about transformation, but we’re doing it. We’re confident we have the right strategy, the competitive strength, a skilled and proven leadership team, world-class technology, operational excellence, a powerful brand and a steely focus to move from good to great.” 

Burns noted that despite economic headwinds, Xerox successfully delivered value for shareholders in 2011 by: 

Delivering adjusted earnings per share of $1.08, up 15 percent from 2010.

Growing revenue on a pro-forma basis by 2 percent to $22.6 billion.

Generating $2 billion in operating cash flow.

Increasing adjusted net income by 21 percent to $1.6 billion. 

She also outlined how the company is delivering on its commitments including accelerating its services business, which grew by 6 percent pro forma in 2011 and now accounts for more than half of the company’s revenue; maintaining leadership in document technology by growing market share; focusing on operational excellence; and returning shareholder value. Through its unique mix of services and technology, Xerox is simplifying how work gets done so clients can run more efficient operations and focus more on their core business. 

Also at the annual meeting, shareholders elected by an overwhelming majority vote 10 members of the Xerox board of directors: Glenn A. Britt, Ursula M. Burns, Richard J. Harrington, William Curt Hunter, Robert J. Keegan, Robert A. McDonald, Charles Prince, Ann N. Reese, Sara Martinez Tucker and Mary Agnes Wilderotter. 

Additionally, shareholders ratified the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2012; approved, on an advisory basis, the 2011 compensation of Xerox’s named executive officers; and approved an amendment and restatement of the company’s 2004 Performance Incentive Plan.