Paul Allaire Quotes
After serious deliberation, the Board of Directors chose to eliminate the dividend -- a decision that contributes to the progress Xerox is making in restoring its financial strength and helps to provide the flexibility required to build on the effective execution of its turnaround plan, ... As Xerox returns to profitability, the Board will consider the reinstatement of dividends.
These results are obviously disappointing and completely unacceptable. Clearly, actions beyond resolving our operational issues are required, including major cost reductions, asset dispositions and a review of the dividend level. Aggressive actions to improve profitability in 2001 are being pursued.
This leadership transition is consistent with the Board's plans developed last year when I returned as CEO and Anne was named president and COO. The plan called for a gradual transition of leadership with Anne becoming CEO when the Board was confident of the effective execution of Xerox's turnaround. Clearly, this requirement has been met.
This was a difficult but necessary decision that is consistent with our resolve to execute an effective turnaround by focusing on core office and production growth opportunities, ... While Xerox was engaged in active discussions with potential equity partners, the slowdown in the economy and its impact on the PC and SOHO markets prevented these companies from making what was once considered a compelling investment in Xerox's SOHO business.