Dug deep to help save Xerox from bankruptcy in 2001.

"My greatest fear was that I was sitting on the deck of the Titanic and I'd get to drive it to the bottom of the ocean—not exactly a moment to be proud of. Nothing spooked me so much as waking up in the middle of the night and thinking about 96,000 employees and retirees and what would happen if things went south."

As Anne Mulcahy recognized the depth of the company's problems, her purpose became crystal clear: to save the company from bankruptcy and restore Xerox to its former greatness. Her challenge was to unite the disheartened organization and to get leaders throughout the company to step up to the challenge.

In spite of her success in turning the company around, Anne Mulcahy deflects most media attention. She told us about receiving a telephone call from her mentor, former CEO David Kearns, when she was in the darkest hours of trying to keep the company out of bankruptcy and fending off an SEC investigation. "Mulcahy, do you believe all that bull they are writing about you in the newspapers?" Kearns asked over the phone. "No, David," Mulcahy replied calmly. "Good," responded Kearns. "Then don't believe it when they start writing about you as the savior of Xerox."