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At Annual Meeting Of Shareholders, Xerox Chairman Details Areas Of Focus And Outlines Growth Strategy

At its annual meeting of shareholders held here today, Ursula Burns, chairman and CEO of Xerox (NYSE:XRX), highlighted the company’s solid financial position; the benefits of its services-led, technology-driven portfolio; and how the company is aligning resources and investments for profitable growth.

In her address to shareholders, Burns said, “Our Services business is our engine for increased revenue, our Document Technology business is the foundation that enables our future growth, and our culture of innovation permits us to think big. We are committed to delivering earnings expansion and are managing our cash in a way that’s building value for you for years to come.”

Burns noted that Xerox delivered value for shareholders in 2013 by:

  • Generating adjusted earnings per share of $1.09, up from $1.02 in 2012 (GAAP earnings per share from continuing operations of $0.93, up from $0.87 in 2012)
  • Posting $21.4 billion in full-year revenue
  • Delivering $2.4 billion in cash from operations
  • Repurchasing $700 million in Xerox shares and paying nearly $300 million in dividends
  • Increasing the common stock dividend per share by 35 percent

Burns also reaffirmed four strategic priorities for Xerox, which include growing revenue in Services, a segment that represents 57 percent of the company’s total revenue and is expected to grow to two-thirds by 2017; generating profit in line with the industry’s best through a disciplined business approach and operational excellence; strengthening and differentiating its portfolio by focusing on areas where the company has expertise, large scale and innovation; and supporting Xerox’s customers and employees.

Also at the annual meeting, shareholders elected by a 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 2014 and approved, on an advisory basis, the 2013 compensation of Xerox’s named executive officers.

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