Anne M. Mulcahy became CEO

After Thoman's resignation, Allaire again resumed the position of CEO and served until the appointment of Anne M. Mulcahy, another long-term Xerox executive. Xerox's turnaround was largely led by Mulcahy, who was appointed president in May 2000, CEO in August 2001, and chairman in January 2002. She launched an aggressive turnaround plan that returned Xerox to full-year profitability by the end of 2002, along with decreasing debt, increasing cash, and continuing to invest in research and development.