Xerox president and chief executive Anne Mulcahy told shareholders at its AGM that the firm was well on its way to turning around its fortunes.

She highlighted how far it had progressed in the past 10 months toward achieving the goals set out in its recovery plan.

This included the sale of more than 1.4bn ($2bn) in assets and achieving more than 75% of its 690m cost reduction target.

We have met our commitments, she said. We are putting our operations on a sound and disciplined footing.

We know that we have a long way to go, but there is no question we will succeed.

Shareholders approved the election of the 13 members to Xeroxs board of directors at the AGM.

Mulcahy said she was committed to Xerox returning to profitability in the fourth quarter.

Xerox is focusing on two areas to increase revenue: hardware for the office and production print markets, and services, where it aims to expand the consultancy side of its business.

At Print 01 in Chicago next week, Mulcahy will present the opening keynote address in conjunction with Professor Frank Romano of Rochester Institute of Technology and William Davis of RR Donnelley.

Story by Barney Cox