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Xerox Chief Financial Officer to Retire

Press release from the issuing company

STAMFORD, Conn.--Oct. 3, 2001--Xerox Corporation today announced that Barry D. Romeril, Xerox vice chairman and chief financial officer, will retire from the company at the end of this year. The company has initiated a search for a new chief financial officer (CFO). "We are grateful for Barry's tireless efforts on behalf of Xerox, especially this past year as he has spearheaded our efforts toward restoring the company's financial strength,'' said Anne M. Mulcahy, Xerox president and chief executive officer. "His financial acumen and sound judgement will serve us well through this year as we continue to execute on our turnaround strategy and transition to a new CFO.'' During the past year, the Xerox finance organization has led the successful negotiation of more than $2 billion in Xerox asset sales, including the approximately $220 million sale of several Xerox manufacturing operations to Flextronics announced yesterday, and the company's transition of equipment financing to third-party vendors. In September, Xerox announced a framework agreement with GE Capital to become the primary equipment-financing provider for Xerox's customers in the United States. "Xerox's recent announcements are evidence of the company's improving liquidity,'' said Romeril. "We have overcome challenges to build a solid foundation that will enhance value for our key stakeholders. With confidence in the progress we're making and the company's growth prospects for the future, I am ready to retire from Xerox and begin a new chapter in my life.'' Romeril, 58, joined Xerox as CFO in 1993 from British Telecommunications. His retirement from Xerox and its board of directors is effective December 31, 2001.

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