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Xerox Chairman Mulcahy Adds Another Directorship, Joining J&J

DOW JONES NEWSWIRES

Xerox Corp. (XRX) Chairman Anne Mulcahy added another board to her portfolio, joining the board of Johnson & Johnson (JNJ).

Mulcahy, who recently gave up the chief executive post at the copy giant after eight years in the job, is also a director at Citigroup Inc. (C), Target Corp. ( TGT) and Washington Post Co. (WPO).

Adding a fifth board to her work load could put her under criticism. Some good-governance experts have in the past railed against the number of boards some directors have been on, contending it didn't give them sufficient ability to provide enough oversight.

Mulcahy has been in high demand for directorships, telling The Wall Street Journal in 2007 that she spurned a half-dozen feelers a year about joining other boards. She has been lauded for turning around Xerox after the company got enveloped in a financial crisis.

Last year, proxy advisor ISS Governance Services advocated Citi shareholders vote against Mulcahy's re-election to the board, noting her then-job at Xerox and two other directorships. ISS said at the time that "directors who are overextended may be jeopardizing their ability to serve as effective representatives of shareholders."

Johnson & Johnson has 10 other directors, all outsiders besides Chairman and Chief Executive William Weldon. Others include a host of former company chiefs, including Charles Prince from Citigroup, William Perez from Wm. Wrigley, Leo Mullin from Delta Air Lines Inc. (DAL) and Arnold Langbo from Kellogg Co. (K).

J&J shares were recently up 21 cents at $60.52. The stock is up 1.2% this year.

-By Kevin Kingsbury; Dow Jones Newswires; 212-416-2354; kevin.kingsbury@ dowjones.com

  (END) Dow Jones Newswires
  10-22-091051ET
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