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Technology Stocks : Xerox (XRX)

XRX 3.060

+1.7%

Nov 7 4:00 PM EST

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To: Patriarch who wrote (182)	12/16/1999 8:01:00 PM
From: Patriarch	of 431

Xerox Chairman Backs CEO in Letter-Report Thursday December 16 6:45 PM ET NEW YORK (Reuters) - Xerox Corp. (NYSE:XRX - news) Chairman Paul Allaire has sent a letter to the company's top executives, saying the board fully backs Chief Executive Richard Thoman despite a shock earnings warning last week that sent the copier equipment giant's stock price reeling, BusinessWeek reported. In its forthcoming Dec. 27 issue, the magazine reported that Allaire wrote the board ``is unanimously supportive of Rick,' despite the ``clearly disappointing performance of the company.' BusinessWeek also quoted one unnamed large institutional investor saying the letter was a ``kiss of death.' ``Happy boards don't feel a need to defend management,' the magazine quoted the investor as saying. Xerox said last Friday that its fourth-quarter earnings could fall 40 percent short of Wall Street's then estimates, extending a string of recent financial disappointments from the company. Its shares have fallen more than 10 percent since the warning.

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