STAMFORD, Conn. (AP) -- Xerox Corp. appointed Anne M. Mulcahy as president and chief executive Thursday, making her one of only five female CEOs of a Fortune 500 company.
Mulcahy, formerly president and chief operating officer, succeeds Paul A. Allaire as CEO.
The copying machine manufacturer has been scrambling for more than a year to cope with stiff competition, a botched sales-force reorganization, sluggish sales and a sharp drop in its stock price. It is in the midst of a turnaround effort that includes the sale of billions in assets and the reduction of 8,600 jobs.
Mulcahy's appointment came a day after Xerox posted a second-quarter loss of $281 million.
Allaire will continue as chairman until his retirement at the end of the year.
Xerox was up 31 cents Thursday afternoon on the New York Stock Exchange at $7.90.
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