Xerox

             Xerox Corp. has created many technological advances throughout the years including the mouse, windows and the Macintosh computer. Although all these inventions are still around today, Xerox didn't neccesarilly benefit from these products but has been out performed by rival companies. Xerox's problems started in the 1980's when Xerox lost its market of photocopiers to Canon. After numerous attempts at reviving the product, things never really caught back on. In the early, Xerox's success was quite phenomonal, but they never really seemed to invent something that was on the leading edge. In May of 1999, Rick Thoman was brought in as cheif executive advisor. During the next few years, he would find some troubling results that would lead to a company stand-still. "Creative Accounting", was used to show Xerox's Mexican subsidary to look extremely profitable until someone realized that it was all a hoax. The sales had not been what tax statements show but was overstated by $3 billion between 1997 and 2000. This led to more troubles outside of the company. Shareholders were filing lawsuits against Xerox for false investment information. Xerox was dumping shares and bonds which led the company to lose 13% in its net worth. Thoman wanted the chief financial Barry Romeril fired because of this. Romeril however did not lose his job because of his close relationship with Dolan, President of sales. With Xerox's stock declining rapidly, Thoman was fired and Xerox was facing Chapter 11 bankruptcy.

            Xerox seemed to me like a rapidly growing company despite some difficulties. This definitely shows that having the wrong staff could lead to a company meltdown. In this case, Thoman would have been the only one that was trying to work the company in the right direction with the others just screwing around and working for their own good and not that companies.