Ursula Burns became the first — and remains the only — African-American woman to lead a major US corporation. Eduardo Munoz / Reuters
Ursula Burns became the first — and remains the only — African-American woman to lead a major US corporation. Eduardo Munoz / Reuters

Xerox chief wants to see gender gap narrowed



Ursula Burns may head Xerox, but you could hardly call her a carbon copy of the average American chief executive.

The 56-year-old has worked at the technology company since 1980, back when photocopying meant big business and the Xerox name was synonymous with it.

She began her career at the company as a summer intern, having graduated in mechanical engineering from university in her native New York. In a remarkable ascension of the ranks, Ms Burns was named chief executive in 2009 and, additionally, chairman in May 2010.

Her appointment as chief executive marked two firsts in American corporate life. She became the first — and remains the only — African-American woman to lead a major US corporation. And Ms Burns was also the country’s first female chief executive to succeed another woman, having taken the reigns from Anne Mulcahy.

Yet despite such personal triumphs, Ms Burns is conscious that the wider executive world still does not remotely reflect the make-up of its customer base — also an issue in the Middle East.

“More than 70 per cent of the people in the world do not look like the people who are running companies today. How in the hell can that be?” says the frank-speaking New Yorker.

“Half the world are women, but they are literally in single-digit numbers in the C-suite. Half the world is non-white, and they are in single-digit numbers in the C-suite.”

The numbers are stark. According to 2013 data from GMI Ratings, the most recent available, women hold 11 per cent of board seats at the world’s largest companies. Norway — the first country in the world to impose a gender quota for large corporations — leads the way, with women accounting for 36.1 per cent of board members.

But the GCC countries are at the opposite end of the scale, with women accounting for just 1.5 per cent of board seats, according to the Dubai-based Hawkamah, the Institute for Corporate Governance.

Some leaders are trying to do something about this. In December 2012, Dubai issued a law obliging government departments and related companies to include women on their boards. Yet the exact timeline for adhering to that ruling is unclear.

Ms Burns said gender quotas in the boardroom are suitable only as a last resort — and even then do not represent a long-term solution.

In the Middle East specifically, there is no point setting quotas because there is not a sufficient mass of qualified female professionals from which to pick top executives, the Xerox executive adds.

“It would be putting the cart before the horse … The problem is that women can’t even drive [in Saudi Arabia], they don’t have access to good education. So you can keep setting all the quotas you want, and you can make a law, and still the overwhelming majority of the women would never have access to those [board] seats.”

Ms Burns was speaking to The National during a three-day trip to London, where she was attending a Xerox event at the Savoy Hotel to promote the company's business services.

And her company has a lot of promoting to do. In the past, Xerox became so inextricably linked with printers and copying machines that its brand name became a verb. But with the physical printing market largely on the decline, Ms Burns faces an ongoing challenge in shifting the company’s focus towards business processes and IT outsourcing.

One would imagine that this would be a tough call for someone who has worked at the same company for 35 years. But Ms Burns says she is anything but entrenched in the old ways of thinking.

“Staying fresh is an active game. I don’t sit in my office — very rarely, unfortunately. What I spend a lot of time doing is interacting with the world, particularly with large clients. And that’s how you get a good perspective,” she says.

An impatience with the status quo is another characteristic she says has helped her take on Xerox’s fundamental challenges.

“We are and were the most successful document-technology company in the world. And part of the challenge with that level of comfort is that you basically become comfortable,” she says. “But we have to be very uncomfortable with today. Because today is yesterday; today becomes yesterday immediately. We have to continue to change things.”

Ms Burns was last year named by Forbes magazine the 22nd most powerful woman in the world. The executive attributes her success to two key factors: her family, and joining a company that was interested in her as a person, rather than as just filling gender quotas.

“I happened to go to a company that was really interested,” she says. “Not by law, but just really interested in the people who joined them.”

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Company name: Hoopla
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Founder: Jacqueline Perrottet
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Number of staff: 10
Investment stage: Pre-seed
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Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
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Sector: FinTech / PropTech
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COMPANY PROFILE

Name: Dooda Solutions
Based: Lebanon
Founder: Nada Ghanem
Sector: AgriTech
Total funding: $300,000 in equity-free funding
Number of employees: 11

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

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The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

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Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

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Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
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