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Leslie Varon Named Xerox Controller

Friday, June 30, 2006

Press release from the issuing company

STAMFORD, Conn.--June 29, 2006-- Leslie F. Varon will become controller of Xerox Corporation, effective July 14. Varon replaces Harry Beeth, who is retiring from Xerox next month. As controller, Varon will oversee the company's financial planning and analysis, accounting, internal controls and financial systems. She is currently vice president, finance and operational support for Xerox North America, a position she assumed in October 2004 following her role as vice president of investor relations and corporate secretary. Varon was named a corporate vice president in August 2001. "Leslie's exceptional financial acumen and thorough knowledge of Xerox's business have long been tremendous assets to our company," said Lawrence A. Zimmerman, Xerox senior vice president and chief financial officer, to whom Varon will report. "We're elevating these talents so that Leslie plays a key role in enhancing Xerox's financial strategy, developing a world-class finance team and improving the efficiency of our global operations. "Her appointment follows the successful tenure of Harry Beeth, who has been instrumental in strengthening Xerox's finance organization and reporting systems while providing respected financial counsel on Xerox's competitive position in the marketplace." Varon, 49, joined Xerox in 1980 as a financial analyst. She has held finance manager and controller assignments in various operations and was head of the company's worldwide corporate audit organization. She holds a bachelor of arts degree from Binghamton University and a master's degree in business administration with concentrations in finance and marketing from Virginia Polytechnic Institute. Beeth, 61, joined Xerox in September 2002 after retiring from International Business Machines Corporation, where he held executive finance positions during his 32-year tenure. Following his retirement from Xerox, Beeth plans to continue his finance career, becoming chief financial officer of the U.S. Tennis Association.




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