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Xerox Elects New Board Member
Dec 12, 2003
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Business appliance maker Xerox Corporation's board of directors has elected Stephen Robert to its board.

Mr. Robert is the chancellor of Brown University, chairman of Robert Capital Management, LLC, and former chairman and CEO Oppenheimer Group, Inc. His election to the board is effective Jan. 1, 2004.

"Stephen Robert is a respected and successful leader who brings to Xerox vast knowledge of global financial operations," said Anne M. Mulcahy, Xerox chairman and CEO. "His financial acumen will serve Xerox and its shareholders well as we continue to strengthen our position as a leading technology company."

Mr. Robert joined Oppenheimer in 1968 as a portfolio manager of the Oppenheimer Fund. He became a partner in 1970 and a member of the executive committee and director of Research in 1977. In 1979, he became president and in 1983, assumed the role of chairman and CEO. He retired from Oppenheimer in 1998 and became chancellor of Brown University that year.

A graduate of Brown University, where he earned a bachelor of arts degree, Mr. Robert is a member of the Council on Foreign Relations, director of the New York Philharmonic, former director of the Twin Towers Fund, director of the Educational Broadcasting Corporation, and a member of the Blackstone Alternative Asset Management advisory board.

With Mr. Robert's election, Xerox's 10-member board is now 80 percent independent, comprising eight independent directors in addition to only one employee director, Anne Mulcahy, and one Xerox-affiliated director, Yotaro Kobayashi, chairman, Fuji Xerox Co., Ltd.

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