Woman to Woman: Xerox names new female CEO

ursula_burns.jpgby Liz O’Donnell (Boston)

On Thursday, May 21st, Xerox Corporation announced Ursula Burns, the current president of the company, will take over as CEO effective July 1 replacing current chief Anne Mulcahy. Mulcahy, who is retiring, will remain as chairman of the board. While Burns’ appointment may be business as usual inside Xerox, it is much bigger news outside of the technology company. This marks the first woman-to-woman CEO transition and Burns will be the first black woman CEO in the Fortune 500.

Inside Xerox, employees recognize Burns as a key member of the company’s leadership team. She has been with the organization for just under thirty years, starting as a mechanical engineering summer intern. During her tenure she has worked in a variety of roles from product development to planning. She led several business teams including the office color and fax business and office network printing business. In 2000, she was named senior vice president, Corporate Strategic Services, and in April 2007, she was named president. Her areas of concern include IT, corporate strategy, human resources, corporate marketing and global accounts.

Xerox employees might also be un-phased by the company passing the CEO torch from one woman to another woman. After all, Xerox is often recognized for its diversity. This year the Human Rights Campaign recognized the document management company as one of its 2009 Best Places to Work, based on “fair-minded and equal” workplace policies. Xerox was also ranked number 35 on The 2009 DiversityInc Top 50 Companies for Diversity® list and number one on The DiversityInc Top 10 Companies for Supplier Diversity. And, Xerox employees a full-time, executive diversity officer in Philip Harlow.

But outside of Xerox, Burns’ appointment is hardly status quo. It is historic. Currently, there are only four black CEOs at Fortune 500 companies. Burns will become number five, but again, she will be the first woman in that group. As far as women CEOS, currently, there are just 14 female CEOs in the Fortune 500. With the loss of Mulcahy and her replacement by Burns, that small percentage will remain the same. While the number of women at the helm is still very small, successions like the one from Mulcahy to Burns, two women who worked well together and supported each other, and firsts like Carol Bartz moving from one CEO position (Autodesk) to another (Yahoo) mark the progress women in business are making. Read more

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In Case You Missed It: News Round-up

martin.jpgContributed by Martin Mitchell of the Corporate Training Group

In case you were too busy to have kept up with all the news, contributor Martin Mitchell has gathered some important market events from last week to help you start this week well informed:

Mergers and Acquisitions

  • The Financial Times reflected on how the mergers and acquisitions market has reacted to the absence of bank debt by moving to asset swaps to get deals done. Effectively the deals use the oldest form of commerce – exchanging one asset for another, or bartering. Examples include: 1) March 2008, Santander and General Electric, deal value $3.2bn; 2) May 2008, Suez and ENI, deal value $2.7bn; 3) July 2008, Mitchells & Butlers and Whitbread, deal value $121m; 4) May 8th 2009, Verizon Wireless and AT&T, deal value $2.35bn; 5) May 11th 2009, Centrica and EDF, deal value $3.5bn; 6) May 12th 2009, Aspen Pharmacare and GlaxoSmithKline, deal value $320m

  • Metro, Germany’s largest retail group, has called on Berlin to reject an application for state support from rival Arcandor. Instead, it wants to merge the two group’s department stores. Arcandor is asking the German government for a mixture of credit guarantees and loans as it seeks to refinance €700m of debt by mid June.

  • Japan’s Daiwa SMBC is to buy the London-based financial advisory business of Close Brothers for net cash of £67m. The division, Close Brothers Corporate Finance, employs around 200 people. After the disposal, Close Brothers will concentrate on its more profitable banking, securities and asset management divisions.

  • At least three bidders will make formal offers for a stake in General Motors’ European operations. Brussels listed RHJ International, Fiat and Canada’s Magna are all serious contenders in the deal that could cost €650m. The German government is set to provide a €1.5bn bridge loan to General Motors’ Opel subsidiary to fund it through the takeover process, although competitor Ford is concerned that the loan could breach EU state aid or competition policy.

  • The deal for Lufthansa to buy the majority (51%) stake in UK airline BMI from its chairman Sir Michael Bishop may not go ahead unless Mr Bishop agrees to inject more capital into the airline. The German airline owns 30% minus one share and is being forced to buy Mr Bishop’s stake under the terms of the original contract, but it is arguing that the contract requires BMI to have ‘the funds it needs to operate’, or else it will walk away. Mr Bishop has issued proceedings in the High Court in London to try to enforce the original contract.

  • One of the two remaining bidders for London Gatwick airport, Global Infrastructure Partners has dropped out of the bidding process. Gatwick’s owner Ferrovial is now left with just one consortium – Manchester Airports Group and Borealis, the Canadian infrastructure fund. The price is in the region of £1.4bn and the consortium has not yet finalised agreements with banks regarding funding.

  • The ongoing saga at Anglo-Australian mining company Rio Tinto regarding the deal it has entered into with China’s Chinalco may be nearing a conclusion. Chinalco has agreed to offer concessions in its proposed $19.5bn investment in Rio Tinto, including reducing the resultant stake from 18% to 15%. The reduction would make it much less likely that the Australian Foreign Investment Review Board would block the deal.

  • Merck’s planned $41bn takeover of Schering-Plough is threatened by a legal action from Johnson & Johnson (J&J) to seize control of two drugs. Rights to sell the two drugs concerned outside the US are currently held by Schering-Plough and one of the drugs generated $2bn in sales last year and other is forecast to deliver $1bn in sales this year. There is a clause in the deal that a change in control allows J&J to reclaim the sales rights. Read more

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Happy Memorial Day!

We at The Glass Hammer are taking a publishing holiday today to enjoy the first days of summer, BBQs, surf and sun. For those of you in the U.S., enjoy the holiday!

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In Case You Missed It: News Round-up

martin.jpgContributed by Martin Mitchell of the Corporate Training Group

In case you were too busy to have kept up with all the news, contributor Martin Mitchell has gathered some important market events from last week to help you start this week well informed:

Mergers and Acquisitions

  • Details were released of the bid by a consortium of 11 banks and inter-dealer broker Icap for LCH.Clearnet. The cash offer is at €11 per share, valuing the clearing house at €830m.

  • EDF announced the sale of a 20% stake in British Energy to Centrica. The deal will see Centrica pay around £2.3bn for the stake, half in cash and half by handing over its 51% stake in SPE, Belgium’s second largest power producer. The stake is being sold to Centrica at a 6% discount to the £12.5bn value of British Energy by EDF when it acquired it just a few months ago. The discount was explained by EDF’s chief executive as simply ‘symbolic’ of the minority position being acquired, and would not lead to any writedowns on the value of British Energy in EDF’s accounts. EDF was advised by Bank of America Merrill Lynch, Centrica was advised by Goldman Sachs.

  • Abraaj Capital, the Middle Eastern buyout firm, is in talks to acquire a minority stake in DP World, the world’s fourth largest ports operator. The stake is thought to be around 15%, which would be valued at approximately $1bn at current prices.

Read more

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Take Charge of Your Success: Why Are You Stuck?

How will you position yourself for personal and professional success?

What simple actions will yield the biggest payoffs?

What’s holding you back?

Find out how you can take control through self-awareness and gain increased perceptions about the reactions you have to your life events (experiences).

This workshop offers the opportunity to identify, clarify and then refine why you may be stuck, either personally or professionally. This is a chance to renew your commitment to creating the career and life you desire. In this dynamic workshop, you will learn the four questions that may free you to become the “new you.” Wendy Weidenbaum will share her story of how she took a step back, analyzed her life and then made bold steps to change her life. You will learn how to design your personal strategy for getting (going) beyond obstacles as you move forward to achieve your success.

Register here

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2009 New Jersey Governor’s Conference for Women

The theme of the 2009 Governor’s Conference for Women is “Shaping the Future.” Attendees will participate in a variety of workshops on women’s health and wellness, personal and career development, and financial management in today’s economic climate.

Keynote Speakers:

Cokie Roberts (Political Commentator and Writer)

Maya Angelou (Poet, Playwrite, Actress)

Sessions will include:

Diversity Challenge
What are today’s needs? Has the diversity movement changed? Look at how women in the workplace have progressed. The glass vs. the marble ceiling – what is the difference?

Hail to the Chief
Hear from women leaders on how to cultivate your skills to become a leader in your field. You will learn how to become assertive and how to take charge of situations to achieve positive results and how to stay grounded.

Get What You Really Want!: The Art of Negotiation
The success of your negotiating skills can make or break a deal. Hear ways to achieve a win-win outcome and close the deal in a way that builds relationships.

Shifting Gears: Passages in a Woman’s Career
Change is a part of life so why should careers be any different? Hear from women who found and embraced new career opportunities in the midst of industry or lifestyle changes and how to take that first step for yourself.

How to Best Market Yourself
In this session you will learn about how you can apply tried and true resiliency techniques that will help you face the significant challenges we are encountering in today’s environment. You will walk away knowing how to have a resilient mindset and be able to launch an effective campaign to search for and capture a new job or career opportunity.

How to Survive in Today’s Economy
Economic recessions affect everyone, especially the most vulnerable among us. Find out what New Jersey resources are available to help people struggling in your communitiesAdditional conference highlights include anetworking reception on Monday, May 11, from 7 p.m. to 9 p.m. in the Crown Ballroom of the Sheraton Atlantic City Convention Center Hotel. And back by popular demand, visit our enhanced health fair all day long for FREE health screenings and healthy giveaways.

Registration is now open for the 2009 Governor’s Conference for Women. For more information or to register, visit us online at www.njwomensconference.com.

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The Second Annual Women Who Tech TeleSummit

Women Who Tech brings together talented and renowned women breaking new ground in technology who use their tech savvy skills to transform the world and inspire change. We provide a supportive network for the vibrant and thriving community of women in technology professions by giving women an open platform to share their talents, experiences, and insights.

On May 12, 2009 the second annual Women Who Tech TeleSummit (held via phone and web) will bring together hundreds of women from across the US and abroad in the non-profit, political and business world for an incredible lineup of thought provoking panels featuring technology change makers such as Joan Blades of MoveOn and Moms Rising, Allison Fine of Personal Democracy Forum, Lynne D Johnson of Fast Company, Charlene Li, Holly Ross of NTEN, Rashmi Sinha of SlideShare, Lisa Stone of BlogHer and more. To get the latest info on the Women Who Tech event please sign up for our mailing list. You can also join us on Facebook, Twitter, Delicious, LinkedIn.

Register here

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City Women’s Network: Inspirational Women of the Year Awards

This awards ceremony, held in support of Wellbeing of Women, is a great opportunity to celebrate the achievements of women around the UK. Women from all walks of life have been nominated by the public and five regional winners will come to the event. Before the winner is announced by Kirsty Young, there will be a champagne reception. Afterwards there will be dinner, an auction, cabaret and dancing. Proceeds will go to Wellbeing of Women, the only UK charity dedicated to solving the health problems that only affect women.

To book for this event please contact Wellbeing of Women, 27 Sussex Place, London, NW1 4SP.

Venue information: nearest tube is Marble Arch; telephone number is 020 7493 1232; dress code is Suit/Cocktail Dress.

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Legal Issues in the Energy Industry

This conference is designed for general counsel and senior legal in-house counsel working in the Energy Industry. It will cover the latest regulatory, legal and business issues in this continuously evolving industry. This conference will cover both traditional and alternative energy industries.Topics to Be Covered include:

  • Obama Administration Approach Towards Energy
  • Arbitration Issues in the Energy Industry – Domestic and International
  • Infrastructure and Alternative Energy
  • 2009 FERC Enforcement Issues
  • Legislative Initiatives at the State and Federal Level for Energy
  • Current Trends in Royalty Litigation:
    Private Actions
    State Actions
    Class Actions
  • Energy and Water Management Issues:
    Impact of Exploration/Production and Water Resources
  • Climate Change and Energy
  • Energy and the Environment:
    Prospects for Partnership?

Who Should Attend:

  • In-house Counsel for Energy Companies
  • Corporate Executives for Energy Companies
  • Law Firms with Energy Practices

Click here to register.

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CSR Performance Summit 2009

At CSR Performance Summit 2009, CSR executives will focus on taking their programs to the next level. Through expert panels, case studies, networking sessions, and keynotes from thought leaders in the field, you will: – Learn strategies to strengthen your current programs – Harness a skill set to demonstrate outcomes – Discuss the costs and benefits of transparency in today’s society – Assess the CSR field globally and locally, including policy implications for the future – Solidify your commitment to doing well and doing good – Measure, manage, and demonstrate the ROI of your CSR program.

Email luke.vinci@gsmiweb.com for more information.

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