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New Xerox CFO, Larry Zimmerman May Bring Stability

Press release from the issuing company

June 12, 2002 - Bloomberg says Xerox’s new Chief Financial Officer Larry Zimmerman's role in restructuring IBM may lift investor confidence as the copier company tries to restore credibility and profit. Investors say Xerox needs a finance chief like Zimmerman who has a reputation for honesty and integrity. Bloomberg quotes Credit Suisse First Boston Inc. analyst Gibboney Huske, “The challenge for (Zimmerman) is will he be able to change the financial culture they've grown over there?'' - referring to the restatements, the SEC sanctions and other problems. Zimmerman “clearly fits the bill with the technical requirements,'' Huske said. "Xerox is inherently complex financially. You need someone who is not learning on the job.'' To view this article copy and paste this url into your browser: http://www.bloomberg.com/feature/feature1023897659.html Permission and Linking Granted By: Bloomberg L.P. 499 Park Avenue New York, NY 10022 For: “Xerox CFO May Bring Stability” - 6/12/02 - Written by James Gunsalus