Anne Mulcahy: Leading Xerox through the Perfect Storm (A)

This Harvard Business School case (9-405-050) by Bill George and Andrew N. McLean examines Anne Mulcahy's leadership of Xerox Corporation during its near-collapse in 2000. The case recounts Xerox's history from the 914 copier monopoly through antitrust settlements, quality initiatives under David Kearns, digital transformation attempts under Paul Allaire and Richard Thoman, and the liquidity crisis that threatened bankruptcy. It details the sales reorganization failures, Latin American currency shocks, rising debt, and stock-price collapse that created the 'perfect storm.' Students use the narrative and financial exhibits to analyze turnaround strategy, leadership under crisis, and the decisions Mulcahy faced in October 2000.