Executives: New Top Copy at Xerox

Xerox Corp. stockholders like to open their annual meetings with a round of applause for management—and they have ample reason. Since 1960, when Chairman Joseph Chamberlain Wilson introduced one of history's most profitable single products—the Xerox 914 office copier—the company's sales have increased 18-fold (to last year's $701 million), its profits have grown 37 times (to $97 million), and its stock, long the shiniest of the glamour issues, has increased in value 50 times to the latest close of $277.67.

Last week's meeting in Rochester, N.Y., opened with the usual applause but ended in astonishment. Joe Wilson, 58, caught 2,200...

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