Anne Mulcahy is credited with bringing Xerox back from the dead. When Muleahy took over as CEO, Xerox had experienced seven straight quarters of losses, its stock had fallen dramatically, creditors had slammed their doors shut, and the best employees were leaving. The board at Xerox appointed her because of her 24-year track record and her fierce loyalty to Xerox—both the company and the people. Her leadership style is both compassionate and tough. She is willing to work in the trenches with employees, but expects them to deliver results.