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Xerox CFO Barry Romeril Retiring

October 3, 2001

STAMFORD, Conn. (AP) _ Barry Romeril, the chief financial officer at document giant Xerox, is retiring from the company.

Romeril, 58, has served as CFO since joining the company in 1993 from British Telecommunications. His retirement from Xerox and its board of directors takes effect at the end of the year.

``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 judgment will serve us well through this year as we continue to execute on our turnaround strategy and transition to a new CFO.″

Xerox 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. The turnaround effort, announced a year ago, includes the sale of billions of dollars in assets and the previously announced reduction of 8,600 jobs.

Romeril’s announcement comes the same week Xerox announced the sale of $220 million in manufacturing operations to Singapore-based Flextronics.

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